Top Crypto Gainers Today on DEXScreener – STOP, DOEGE, THICC
With major cryptocurrencies struggling on Friday as focus returns to heavy and largely GBTC-driven spot Bitcoin ETF outflows, traders looking to turn quick exponential profits continue to flock to the on-chain shitcoin markets as they hunt for top crypto gainers today.
Bitcoin (BTC) was last around 2.5% in the past 24 hours, as per CoinMarketCap, and trading in the mid-$63,000s.
Other major cryptos Ether (ETH), Solana (SOL) and XRP (XRP) dropped as much as 5% over the same time period.
As per Zerohedge, GBTC is now down to 356,000 BTC from 619,000 BTC just two months ago.
GBTC only has 356K bitcoins left to liquidate, down from 619K two months ago
— zerohedge (@zerohedge) March 21, 2024
Traders having been dumping GBTC since it converted into a spot ETF.
That’s because of its 1) comparatively high fee (of 1.5%), 2) traders who bought GBTC at a big discount to NAV in 2023 before it converted to an ETF taking profit and 3) bankrupt crypto companies (like FTX, Celsius and BlockFi) liquidating holdings.
While GBTC sell pressure could persist in the short-term, this is unlikely to be a long-term headwind to the market.
Major cryptos are thus likely to recover and hit new highs later this year, with Bitcoin bulls eyeing $100,000.
But in the meantime, impatient traders looking to turn faster profits will continue to enter the on-chain markets.
On-chain markets refer to the market for digital assets that have been issued directly on top of an existing blockchain.
For example, the Shiba Inu (SHIB) token is issued on Ethereum as an ERC-20 token.
These tokens can then be traded on decentralized exchanges (DEX), and also perhaps on centralized exchanges if they get big enough.
They are often referred to as meme coin (or shitcoin) markets and
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