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Unveiling the Sci-Fi Spectacle: NextCypher's "Deathlands" Directed by Jonathan Frakes

Jeff Garzik's production company, NextCypher, has enlisted the talents of Star Trek's Jonathan Frakes to direct an adaptation of the sci-fi novel Deathlands. Frakes, known for his role as Commander Riker on Star Trek: The Next Generation, brings his experience as a veteran director who has worked on TV shows like Star Trek: Strange New Worlds, Star Trek: Picard, and Leverage: Redemption to this project. Garzik expressed his excitement by stating that he was "incredibly humbled and blessed" to have Frakes on board. Key Points: Deathlands Adaptation: Based on a series of novels by James Axler and Jack Adrian, Deathlands follows a group of survivors navigating a post-apocalyptic world using teleportation technology. Garzik described the show as a blend of "Mad Max meets AI meets the monsters from Tremors." Refreshed Adaptation: Garzik highlighted that the TV series offers a modern take on the original post-Cold War, post-nuclear war scenario presented in

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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