A fresh 3% expansion of crypto’s total market cap powered broad gains on January 26th, with Bitcoin clinging above $41,000 support. Leading altcoins booked double-digit surges even as Grayscale’s GBTC Bitcoin fund weathered heavy recent outflows.
Among top gainers, 1000SATS rose 21% over 24 hours, while Ethereum challenger Conflux added 15% after teasing a mid-2023 Bitcoin layer 2 product. Ethereum Name Service climbed 14% following praise from co-creator Vitalik Buterin.
Analysts suggest the bulk of profit-taking selling pressure has likely already occurred after recent GBTC outflows topped $3 billion. The FTX estate contributed over $1 billion of that total since early January per reports.
Investors may have rotated into lower-fee Bitcoin ETF products as well. Grayscale’s SEC-approved fund charges a towering 1.5% annually versus just 0.21-0.35% for competitors after fee waivers.
If selling pressure around GBTC indeed wanes, confidence across crypto markets could continue solidifying – especially for altcoins which have outpaced Bitcoin’s year-to-date performance so far.
