Bitcoin Holds under $26K, Grayscale’s ETF Push, and FTX’s Big Altcoin Transfer

Written by BTSE

September 4, 2023

Bitcoin Holds under $26K, Grayscale’s ETF Push, and FTX’s Big Altcoin Transfer

Trending Tokens on BTSE:

24h %





(as of 11:00 AM Singapore Time, September 4, 2023) 


As Asia begins its business week, Bitcoin (BTC) retained its position below the $26,000 mark, mirroring a pattern observed towards the end of August. Despite the weekend’s potential for volatility, Bitcoin’s price movement remained within a tight $200 range, instilling a sense of déjà vu amongst market participants. Observers are keenly watching the $25,900 mark, as its significance becomes increasingly critical for future market movements.

But it’s not just Bitcoin’s price that’s catching the attention of investors and market analysts. A recent legal victory for Grayscale against the SEC has broader implications for the crypto world, particularly for the potential introduction of spot Bitcoin ETFs. Following this pivotal case, there’s growing speculation that the SEC may soon find itself in a position where approving multiple spot bitcoin ETF applications becomes inevitable. Such a move could introduce a new competitive dimension to the market, with JPMorgan analysts suggesting this could lead to reduced ETF fees, benefiting investors.

Meanwhile, the FTX cold wallet activity has added a layer of intrigue to the market dynamics. The exchange, now grappling with bankruptcy proceedings, recently transferred nearly $10 million in notable altcoins from Solana to Ethereum. The motivations behind this significant move remain undisclosed, further clouding the future direction of these tokens. As FTX navigates its restructuring efforts, with an aim to monetize its cryptocurrency holdings, its impact on the wider crypto ecosystem will be worth monitoring.


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