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Stepn x Adidas Genesis Sneakers: A New Era in Fitness

The Stepn x Adidas Genesis Sneakers Collection: A Revolutionary Partnership The fusion of the digital and physical worlds is more than a trend; it is a burgeoning reality. The recent collaboration between Stepn and Adidas exemplifies this transformative shift. With the launch of the Genesis Sneakers collection, both companies are poised to redefine the boundaries of fitness, fashion, and technology in lifestyle rewards. This partnership is not only groundbreaking but also sets the stage for future innovations in the ever-evolving landscape of fitness applications and digital assets. A New Era of Phygital Experiences Stepn, a pioneering move-to-earn FitTech app, has taken a bold leap by teaming up with a global powerhouse like Adidas. This collaboration signifies a pivotal moment in the fitness and lifestyle sector, as highlighted by Stepn CEO Shiti Manghani: Phygital Partnership : The merging of physical and digital assets marks a new direction for lifestyle rewards. Enhanced...
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Produced by Daniel Aharonoff & Mogul Media AI

The Impact of Grayscale on Bitcoin Prices: Unraveling the Recent Market Turmoil

Bitcoin has faced a significant drop of over 14% this week, despite the recent approval of spot crypto exchange traded funds (ETFs) just over seven days ago. The culprit behind this downturn appears to be Grayscale, the digital asset manager owned by crypto giant Digital Currency Group. Investors in Grayscale's Bitcoin Trust (GBTC), which converted to a Bitcoin ETF following SEC approval, have been rapidly exiting their positions, causing quite a stir among analysts.

Grayscale's Impact on Bitcoin Price:

  • Grayscale's Bitcoin ETF, along with 10 similar products, started trading last week.
  • Previously a closed-end fund, GBTC's conversion to an ETF allowed investors to cash out their shares for BTC.
  • Over half a billion dollars were cashed out in the first few days, with over $2.2 billion leaving the fund in the last five days.
  • While other ETFs are experiencing inflows, GBTC has been hit hard by significant outflows.

Reasons for Investor Exodus:

  • Analysts attribute the outflows to traders cashing out to realize gains after being locked into the fund.
  • GBTC's high fee of 1.5% is the highest among U.S. spot Bitcoin ETFs, prompting investors to seek alternatives like BlackRock's IBIT with a lower fee of 0.12%.
  • Industry observers suggest that the fee discrepancy and potential future fee increase to 0.25% in 12 months are driving factors behind investors fleeing GBTC.

Grayscale's Response:

  • Grayscale is transferring large amounts of Bitcoin to its custodian, Coinbase, to sell due to investors cashing out.
  • On-chain data from Arkham Intelligence indicates that Grayscale has sent approximately $500 million in Bitcoin to Coinbase in the last six hours alone.

The mass exodus of investors from GBTC and Grayscale's consequent sale of Bitcoin on Coinbase are contributing to the downward pressure on Bitcoin's price. This chain of events underscores the interconnectedness of various market players and the impact they can have on the crypto landscape.

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