First Mover Americas: GBTC Discount Narrows to Lowest Since May 2022
The latest price moves in crypto markets in context for July 11, 2023.
This article originally appeared in , CoinDesk’s daily newsletter putting the latest moves in crypto markets in context..
The discount to net asset value (NAV) for the $19 billion-plus Grayscale Bitcoin Trust (GBTC) to narrow in the wake of asset manager BlackRock’s application to open a spot bitcoin ETF in the United States. The discount to NAV fell to as low as 26% at one point last week – the trimmest level since May 2022 – and currently sits at about 27%, according to data from . BlackRock’s move for a spot bitcoin ETF set off a number of filings and re-filings for similar funds from a number of other industry actors, fellow asset management giant Fidelity.
Crypto data firm Arkham Intelligence controversy Monday by announcing a , angering privacy-focused crypto advocates. It turns out Arkham has already been leaking its own customers’ private information, a revelation that also seems to have emerged Monday, putting a spotlight on the companys own approach to user privacy just as it was rolling out a service meant to unmask crypto wallet owners on a massive scale. The issue stems from the way Arkham set up its weblink referral program. Users of Arkham’s wallet tracking dashboard can invite others onto the platform by sharing their unique referral URL. Those URLs appear to end with a meaningless jumble of characters. In reality, they’re an easy-to-decipher version of the user’s email address written in Base64, which is .
Bitcoin () could rise to $50,000 by the end of this year and up to $120,000 by end-2024, Standard Chartered Bank in a research report on Monday. The British multinational bank in April had put out a $100,000 forecast for the end of 2024, noting at that time the banking crisis, among other factors. "We now think this estimate is too conservative, and we therefore see upside to our end-2024 target," yesterday’s report said, this time pointing to increased miner profitability as among the bullish catalysts.
Disclaimer: This article was written and edited by CoinDesk journalists with the sole purpose of informing the reader with accurate information. If you click on a link from Glassnode, CoinDesk may earn a commission. For more, see our .
- Omkar Godbole
Edited by Stephen Alpher.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Bitcoin News Update: Crypto Market Finds "Fertile Ground" Post-Drop as Buyers Take in Capitulation Sales
- Bitcoin fell below $95,000 in late November 2025, triggering panic as the Fear & Greed Index hit a nine-month low of 10. - Waning institutional demand, macroeconomic uncertainty, and $600M in forced liquidations accelerated the selloff, with spot ETFs losing $1.1B in outflows. - XWIN Research warned the correction could persist until mid-2026 if key $92,000–$94,000 support levels fail, while 96 of top 100 cryptos declined. - Political tensions emerged after Trump pardoned Binance's Zhao, who received a $

Bitcoin News Update: "Institutions' Confidence or Meme Frenzy: Crypto Faces the $110,000 Turning Point"
- Bitcoin rebounds from $100k lows amid U.S. government reopening, with analysts eyeing $110k as potential target driven by regulatory clarity and ETF optimism. - MoonBull ($MOBU) emerges as high-risk speculative play, projecting 7,244% ROI through Ethereum-based tokenomics including liquidity locks and 2% holder reflections. - Market duality highlighted by institutional-grade BTC consolidation vs. community-driven meme tokens, with $MOBU's 23-stage presale raising $600k and 1,900+ holders. - Technical ind

Ethereum News Update: Ethereum’s Unsteady Recovery: Weighing Optimism Against Ongoing Downward Pressures
- Ethereum rose 2.36% to $3,533 on Nov 13, 2025, with $37B trading volume, showing a rebound from $3,373 lows amid crypto market volatility. - Technical analysis warns of fragile recovery, with key support at $3,053 holding but bearish signals from MACD and a broken upward channel. - Broader crypto pressure persists as Bitcoin and Ethereum ETFs face outflows, while macroeconomic uncertainties like U.S. government shutdown risks dampen institutional participation. - Analysts advise caution below the 200-day

Uniswap News Today: Uniswap's UNIfication Launches a New Era of DeFi Leadership for the Next Decade
- Uniswap's UNIfication proposal introduces protocol fees, token burns, and buybacks to transform UNI into a deflationary asset. - The plan drives UNI's 63% weekly price surge and allocates 0.3% trading volume to liquidity providers and buybacks. - Whale accumulation and $38M/month buyback projections signal strong market confidence in Uniswap's governance overhaul. - The proposal unifies Uniswap's ecosystem, introduces fee discounts, and launches CCA for institutional-grade liquidity infrastructure. - DeF

