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Post: Grayscale Bitcoin Trust Sells 132,195 BTC, Celsius Returns $3B, Unlocking $900M Tokens in February: Market Impact & More

Grayscale Bitcoin Trust Sells 132,195 BTC, Celsius Returns $3B, Unlocking $900M Tokens in February: Market Impact & More

Key Points:

  • The Grayscale Bitcoin Trust sold 132,195 Bitcoin in January, reducing its holdings by 21%.
  • Celsius has emerged from Chapter 11 bankruptcy and will distribute $3 billion worth of crypto and fiat to creditors.
  • Nearly $900 million in vested tokens will be unlocked in February, including tokens from Avalanche, Aptos, The Sandbox, Optimism, and Sui.

Grayscale Bitcoin Trust sells off significant amount of Bitcoin: The Grayscale Bitcoin Trust (GBTC) aggressively sold Bitcoin in January, reducing its holdings by 21%. GBTC dumped a total of 132,195 Bitcoin, while other non-GBTC ETFs increased their holdings by more than 700%. Despite GBTC’s sell-off, the total Bitcoin held by all 10 spot Bitcoin ETFs rose by 3% to 656,421 Bitcoin.

Celsius to return over $3B to creditors: Celsius, a crypto lender, has emerged from Chapter 11 bankruptcy and will distribute $3 billion worth of cryptocurrency and fiat to its creditors. The company will also launch a new Bitcoin mining firm called Ionic Digital, managed by Hut 8 and headed by Hut 8’s chief commercial officer.

$900M in tokens to be unlocked in February: In February, nearly $900 million worth of vested tokens will be released. This includes tokens from Avalanche, Aptos, The Sandbox, Optimism, and Sui. For example, Avalanche will unlock 9.5 million tokens, The Sandbox will unlock 209 million tokens, and Optimism will release 24 million tokens.

Hot Take: The significant sell-off by the Grayscale Bitcoin Trust and the unlocking of a large amount of tokens in February could have an impact on the cryptocurrency market. It will be interesting to see how these events affect Bitcoin’s price and the overall market sentiment. Additionally, Celsius’ emergence from bankruptcy and return of funds to creditors is a positive development for the company and its stakeholders.

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