A recent 3% increase in the total market cap of the cryptocurrency market indicates a positive trend, with Bitcoin showing resilience against selling pressure from Grayscale GBTC ETF outflows.

Bitcoin surged above $41,000 on January 26, boosting market confidence and leading to price hikes for numerous cryptocurrencies. According to CoinMarketCap, around 10 tokens recorded double-digit price gains within the last 24 hours.

Some of the top performers include Bitcoin BRC-20 token 1000SATS (SATS) with a 21% increase, Conflux (CFX) with a gain of over 15%, and Ethereum Name Service (ENS) rising by 14%.

Conflux recently announced the upcoming launch of a Bitcoin L2 solution expected by mid-year, while Ethereum Name Service received praise from Vitalik Buterin, co-creator of Ethereum, earlier in January.

Other tokens that saw significant gains on January 26 include Akash Network (AKT), Optimism (OP), Near Protocol (NEAR), Bonk (BONK), ORDI, Chiliz (CHZ), and OKB.

Reports suggest that the sell-off of Bitcoin may be slowing down, as Grayscale’s GBTC ETF experienced consecutive negative net flows. Analysts at JPMorgan noted that profit-taking activities, particularly from arbitrageurs trading GBTC’s net asset value discount, have resulted in approximately $3 billion in outflows.

FTX, led by CEO John J. Ray III, also divested around $1 billion in Grayscale converted Bitcoin ETF, contributing to the $4 billion decrease in GBTC’s market cap over a two-week period. Bloomberg analyst Eric Balchunas predicted a 25% drop in Grayscale’s BTC ETF market cap, which currently holds over $20 billion in Bitcoin.

There may have been a shift towards ETFs with lower fees, as Grayscale charges a 1.5% fee compared to competitors offering fees ranging from 0.21% to 0.35% after fee waivers.

For more information on the latest cryptocurrency news and market trends, continue exploring Global Crypto News.

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