Best Crypto to Buy Today March 22 – APT, ICP, FTM
As Bitcoin (BTC) continues to struggle in the face of continued elevated outflows from Grayscale’s Bitcoin Trust ETF (GBTC), traders hunting for quick returns are parsing through the altcoin markets for the best crypto to buy today.
After popping momentarily above $68,000 on Wednesday following a dovish Fed meeting, BTC has since slipped to the $63,000s.
Spot Bitcoin ETFs have seen outflows every day this week. That’s thanks to a slowdown in inflows into the likes of BlackRock’s IBIT and an uptick in GBTC outflows.
Thursday saw the biggest bitcoin ETF inflows in 3 days: besides the constant GBTC outflows which will end once the fund hits 0, no other fund was selling and IBIT jumped (BITO is futures) pic.twitter.com/hBG8Aok2xK
— zerohedge (@zerohedge) March 22, 2024
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.
Now might be a good time to accumulate Bitcoin in the $60,000s, before it potentially rallies towards $100,000 before the year’s end.
Bitcoin could easily be the best crypto to buy today.
Much hyped layer-1 blockchain protocol Aptos (APT) is probing its highest levels for more than 1-year.
APT was last up 10% on Friday in the $16s, as per
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