Mt. Gox Repayments Loom and Bitcoin ETFs See Outflows
Daily Top Performer — Fetch.AI (FET)
The SPX index is down by 0.31% in a mixed close as investors await key earning details. The broader cryptocurrency market is up, with Bitcoin rising by 1.66% and Ether rising by 0.96%, respectively in the past 24 hours.
Today's outperformer is Fetch.ai (FET), which is over 20% as the Artificial Superintelligence Alliance announced new progress on their token merger, scheduled to begin on July 1, 2024.
The Artificial Superintelligence Alliance, formed by SingularityNET, Fetch.ai, and Ocean Protocol, aims to accelerate the advancement of decentralized Artificial General Intelligence (AGI) and Artificial Superintelligence (ASI). The token merger will temporarily consolidate SingularityNET's AGIX and Ocean Protocol's OCEAN tokens into Fetch.ai's FET, before transitioning to the ASI ticker symbol at a later date. AGIX and OCEAN tokens will be merged into FET, with trading continuing under the FET ticker. The conversion rates are set at 1 AGIX to 0.433350 FET and 1 OCEAN to 0.433226 FET. Phase II will involve the deployment of the ASI token across chains and the migration from FET to ASI at a 1:1 ratio. This strategic move positions the Artificial Superintelligence Alliance as a significant player in the AI and blockchain space, potentially reshaping the landscape of decentralized AI development.
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Talk of the Town:
Mt. Gox, the defunct crypto exchange, announced it will begin repaying assets stolen in the 2014 hack starting in July 2024, after years of postponed deadlines. The exchange plans to return over 140,000 bitcoin to victims, with repayments to be made in bitcoin and bitcoin cash. This move could potentially add selling pressure to both markets. In May, Mt. Gox moved over 140,000 BTC (worth around $9 billion) from cold wallets to an unknown address, marking the first on-chain wallet movements in five years. Following the announcement, Bitcoin prices dropped from over $62,300 to under $62,100 in early Asian trading hours. The impending distribution is expected to create additional volatility in cryptocurrency markets as early investors may be inclined to sell at least part of their holdings.
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Spot Bitcoin ETF Flows:
Category | Flow (millions) |
GBTC | (90.4) |
Non-GBTC | (84.1) |
Total | (174.5) |
Spot Bitcoin ETFs experienced significant outflows yesterday, totaling $174.5 million. The Grayscale Bitcoin Trust (GBTC) led the outflows with $90.4 million, while non-GBTC funds saw $84.1 million in outflows. This continues the trend of net outflows seen in recent weeks, likely driven by ongoing market uncertainty and Bitcoin's price volatility. The persistent outflows across both GBTC and other ETFs suggest a broader sentiment shift among investors, potentially influenced by macroeconomic factors and the anticipation of events such as the upcoming Mt. Gox repayments.
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