The Ministry of Culture in Saudi Arabia has inaugurated a metaverse dedicated to exhibiting and safeguarding the cultural heritage of the nation, marking its founding day.
The Saudi government’s Cultural Universe metaverse initiative, which traces the extensive history of Saudi Arabia back to 1727, was launched on February 22.
Utilising Oracle’s Hyperledger Fabric 2.5 blockchain technology, the metaverse was crafted by droppGroup’s Generative Media Intelligence artificial intelligence (AI) system, known as droppPhygital.
The virtual realm adopts a first-person shooter approach to aid users in navigating the metaverse.
Users can freely traverse a shared path alongside others, exploring information displayed on either side of the route.
Proximity to virtual depictions of historical events triggers voice audio that elaborates on the event in depth.
However, this audio feature is currently limited to Arabic and does not offer English translations.
The Cultural Universe encompasses various sectors dedicated to music, art, history, cuisine, crafts, and other facets of Saudi heritage, along with mini video games.
This service is freely accessible via websites, mobile devices, virtual reality headsets, and other compatible digital platforms. The official announcement from the Saudi government stated:
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“This cross-platform compatibility embodies the Ministry of Culture’s commitment to inclusivity, enabling a diverse global audience to explore and engage with the rich history of Saudi culture.”
The Saudi Ministry of Culture, entrusted with conserving and promoting the nation’s cultural legacy while fostering contemporary artistic expression, perceives the metaverse as a “transformative moment” and regards the initiative as a cultural revolution.
According to Samuel Huber, CEO of LandVault, a metaverse company collaborating with various government entities in the Middle East, Saudi Arabia, alongside other Middle Eastern nations, has transcended the metaverse’s “era of hype” and is progressing towards leveraging the technology to bolster their economies.
In an interview with Cointelegraph, Huber elucidated that the metaverse entails constructing 3D experiences embedded within websites. He remarked:
“What we found is the biggest segment are the governments in the Middle East, especially the UAE [United Arab Emirates], Saudi and Qatar, which are trying to digitalise their infrastructure and create really interesting economies for their citizens.”
He further stated that, akin to blockchain and AI, the metaverse stands as “one of those pillars” that the Middle East is eyeing for economic advancement.
Singapore, Singapore, February 29th, 2024, Chainwire
In a monumental leap forward for the gaming industry, Roll1ng Thund3rz (RTz), the pioneering Web3 gaming company, proudly announces the launch of Web3War® v3.0.
This latest iteration introduces game-changing features, with Skill2Earn taking center stage in Season 1, accompanied by the Ranked Matches and an enticing Season Pass.
Skill-to-Earn: A Paradigm Shift in Gaming Dynamics
Web3War®’s version 3.0 is not merely an update; it’s a major transformative experience for gamers worldwide. The implementation of Skill2Earn in Season 1 empowers players to monetize their in-game prowess. The Season Pass, a cornerstone of this release, can be acquired by staking $FPS tokens, establishing a direct link between player achievements and real-world rewards.
Valentin Cobelea, CTO and co-founder of Roll1ng Thund3rz, emphasizes the significance of Skill2Earn: “We believe in creating a gaming ecosystem where players are not just participants but contributors. Skill2Earn is a testament to our commitment to rewarding the dedication, talent and skills of our gaming community, ushering in a new era of interactive and rewarding gameplay.”
Unlocking a World of Possibilities: Season 1 & Season Pass Unveiled
Elevating the gaming experience to unprecedented heights, Roll1ng Thund3rz introduces the Season Pass, an intricate tapestry of 25 items that promise to immerse players in a world of digital ownership.
By staking $FPS tokens, players gain access to this treasure trove, a series of items spread across 25 levels that unfold with each match played by gaining also Season XP. Delving into this trove, 15 items take the form of coveted skin NFTs, transforming the appearance of in-game weaponry with unparalleled style and rarity. Importantly, the Season Pass extends an inclusive touch, offering 2 of the 15 premium skin NFTs to all players, even those without the pass.
Players must embark on regular or ranked matches or both, earning Season XP with every move, to unlock each level and claim their piece of the coveted Season Pass bounty. This dynamic system not only rewards skill and dedication but also crafts a unique journey for players, where progression becomes a tangible and visually stunning testament to their prowess within the immersive world of Web3War®.
Ranked Matches as Team-Based Showdowns
Web3War® version 3.0 introduces Ranked Matches across the game’s 12 meticulously crafted maps, providing players with diverse environments for intense team-based competitions. Whether engaging in 1v1, 2v2, 3v3, or 4v4 battles, participants can enter by paying a fixed access fee in $FPS tokens. The winning team claims an impressive 88% of the total access pool, adding a layer of competitiveness and stakes to every match; 2% being burned and the 10% going to RTz for development support.
Matt Dyer Reflects on The $FPS Token Listing
Matt Dyer, the CEO of Roll1ng Thund3rz and Zilliqa blockchain, remarks on this highly important achievement: “The demand for $FPS tokens reflects the community’s confidence in Web3War®’s potential and the widespread adoption of blockchain gaming. Once more, we have demonstrated our unwavering commitment to fostering Web3 gaming adoption.”
FUS1ON Gaming Hub®: Revolutionizing Functionality and Web3War®’s Aesthetics
FUS1ON® Hub, the heart of the game’s digital marketplace, unveils a stellar update of its own. Boasting an extensive collection of more than 10000 new skin NFTs, FUS1ON Gaming Hub® takes customization to a whole new level, allowing players to express their individuality with unrivaled style.
This update introduces a slew of features, including token swapping and seamless token transfers between player wallets. Navigating the Mark3t, FUS1ON Gaming Hub®’s marketplace for skin NFTs, has never been easier, thanks to the addition of Collections, ensuring a streamlined and immersive experience for all Web3War® enthusiasts. FUS1ON Gaming Hub® remains at the forefront of innovation, enhancing both aesthetics and functionality within the expansive universe of Web3War® – which can easily be reached not only on the Microsoft Store here, but also directly online at www.mark3t.store and www.fus1on.online.
Charting the Future of Gaming
Roll1ng Thund3rz has not only elevated Web3War® to new heights but has also set the stage for the future of web3 gaming with this major release which also well impacted the FUS1ON Gaming Hub® with the additional layers of technologies and security. As Skill2Earn takes center stage, players become active participants in an ecosystem that values skill, competition, and community engagement. Web3War® v3.0 is more than a game; it’s a testament to the studio’s commitment to pushing boundaries and redefining the gaming experience in its very own ecosystem.
As the gaming community eagerly dives into the immersive world of Web3War® v3.0 as a leading game in the FUS1ON Gaming Hub®, the collaboration of Skill2Earn mechanics, Season Pass incentives, and the strategic use of $FPS token underscores Roll1ng Thund3rz’s position as a pioneer in the rapidly evolving landscape of web3 gaming.
About Roll1ng Thund3rz
Roll1ng Thund3rz is an integrated entertainment company that is part of the Zilliqa Group, building products for gamers, by gamers, using Web3 and blockchain technologies. With a focus on creating quality games and engaging experiences, Roll1ng Thund3rz is dedicated to advancing gaming by leveraging vanguard technologies to shape the future of the industry.
About Web3War®
Web3War® is the first-person shooter crafted by Roll1ng Thund3rz and secured by Zilliqa. W3W is a multiplayer, free-to-play, seasonal content-oriented FPS game that prioritizes fun and high-quality gameplay above all else.
Contact
Team
Marketing
Roll1ng Thund3rz
[email protected]
+6568172500
London, United Kingdom, February 29th, 2024, Chainwire
The eco-friendly crypto project Green Bitcoin has seen its limited-time presale phase cross $1 million in funding.
With an innovative gamified staking model and energy-efficient foundation, Green Bitcoin offers token holders a way to stake their tokens and generate yield.
Gamified Staking Model Offers Unique Way to Earn
Green Bitcoin’s gamified staking model offers a unique twist, token holders can try to predict Bitcoin’s daily price movements, and if they are successful they can earn rewards that vary based on accuracy and stake size.
This system resets daily, ensuring continuous engagement.
Unlike typical staking protocols with fixed yields, Green Bitcoin’s model offers a dynamic yield.
As outlined in Green Bitcoin’s whitepaper, the project has allocated over 27% of the total token supply to staking rewards, ensuring a sizable pool of incentives for accurate BTC price predictions.
This pool of funds is set to be distributed over a period of two years.
Green Bitcoin Raises Over $1m Amidst Booming Crypto Market
Building on the crypto market’s resurgence, Green Bitcoin’s presale has passed the $1 million mark, offering potential investors discounted tokens.
Unlike typical presale setups, Green Bitcoin’s team incentivizes long-term holding by allowing users to stake their purchased tokens immediately.
Coinsult, a reputable blockchain security firm, has audited the token’s smart contract.
According to the compay, Green Bitcoin’s social channels are seeing engagement about the project. The project’s Telegram group has seen growth in the past week, with the Green Bitcoin Twitter account growing to 3,400 followers.
Green Bitcoin has even been featured in YouTube videos from names like Crypto Boy, who praised its “Predict-to-Earn” model.
About Green Bitcoin
Green Bitcoin is a new crypto project on the Ethereum chain providing a more eco-friendly, sustainable alternative to Bitcoin, alongside staking rewards for holders and novel ‘predict to earn’ elements including weekly challenges.
The Green Bitcoin project launched in late 2023 with a presale hard cap target of $7 million, with over $1 million raised so far. The smart contract has been audited by Coinsult.
Users can visit Green Bitcoin Presale here
Green Bitcoin is the source of this content. This Press Release is for informational purposes only. The information does not constitute investment advice or an offer to invest.
Contact
Green Bitcoin
[email protected]
Amsterdam, Netherlands, February 29th, 2024, Chainwire
Scantrust and LTO Network Partnering for Secure, Transparent items.
Scantrust’s innovative Secure QR codes, a well-known and proven tool against counterfeiting, can now be used in conjunction with LTO Network’s secure, transparent blockchain technology. This allows organizations that depend on critical documents and high-value, luxury goods to have additional options to establish and maintain a new level of trust and accountability.
Any item with Scantrust Secure QR codes can have their authenticity verified in a matter of seconds using a mobile phone. With the LTO Network, an additional, immutable digital audit trail for information can be added, creating a secure data anchor for government certificates, product and safety certifications, diamond certificates, warranty cards for luxury goods (e.g. watches) and any other high-value items.
The LTO Network blockchain also supports a new way to track supply chain information. By integrating blockchain for enhanced transparency and immutability, counterfeiters are blocked from easily faking the origin of the counterfeit items they sell. In an industry plagued by a $500 billion counterfeiting problem, these tools represent a significant step forward in protecting businesses and safeguarding consumers.
The option to integrate LTO Network’s technology with Scantrust Secure QR codes is part of a vision for a future where trust is built into the very fabric of our transactions and trades. For Scantrust, it’s an opportunity to expand their reach and further their mission of document security. For LTO Network, it’s about adding a powerful document security layer to their suite of privacy-focused solutions, offering their clients a comprehensive package for building trust in today’s digital world.
About LTO Network
LTO Network is a privacy-aware Layer-1 blockchain for Real World Assets, Data Security and Identity solutions.
The platform is designed for business process efficiency and security. It combines a public layer for transparency and a private layer for data security, ensuring GDPR and MiCA compliance. This dual-layer approach makes it ideal for enterprises requiring data privacy and regulatory adherence.
LTO Network also offers tokenization of RWAs through their Ownables technology, enabling assets to be brought on-chain and allowing them to interact with the world of DeFi and Web3.
LTO Network’s KYC services help maintain compliance with anti-money laundering laws as well as offering proof of humanity services to protect Web3 and DeFi platforms from bots.
About Scantrust
Scantrust helps manage and resolve counterfeit product problems, address supply chain traceability and inventory management challenges, and provides tools for regulatory compliance related to product data requirements. Maintain and build your brand’s integrity, gather detailed consumer insights, and simplify your traceability regulatory compliance efforts. Learn more at www.scantrust.com
Contact
Shawn Naderi
LTO Network BV
[email protected]
London, United Kingdom, February 29th, 2024, Chainwire
Memeinator is currently sitting at over $5.2 million in presale buys. Sustained presale action follows the continued rollout of roadmap promises. Earlier this month, Memeinator announced a partnership with award-winning game studio Red Apple Tech for the development of the Meme Warfare game.
Head of Product, Marco Tonetti, said: “The fantastic performance in the presale means the market knows what we’re about: we care about delivering a fun project with genuine longevity and none of the derivative nonsense that’s so common in the space. We’re continuing to develop Memeinator to give our audience the best experience possible, and our partnership with Red Apple is just one part of that.”
Memeinator (MMTR) is available to buy on the official site.
Memeinator’s Mission
Memeinator’s mission is simple: to make meme coins fun and rewarding again while fighting back against the half-baked projects that have come to define the sector.
This fight is embodied in Meme Warfare, an AI-infused game where, playing as the Memeinator, players can battle against inferior meme coins. These coins are fed into the game by an AI that scans the community’s suggestions for meme coins worthy of destruction.
Memeinator intends to reach a $1 billion market cap as it becomes the world’s top meme coin, aiming to leverage its marketing efforts to the fullest in pursuit of this goal.
Inside MMTR’s Push To $5 Million
The project’s adherence to roadmap promises is likely a significant driver behind recent growth. Currently in Phase 1 of its roadmap, Memeinator is on schedule, with Meme Warfare under development and the team now fully in place.
Phase 2 of Memeinator’s roadmap includes NFTs, staking, and influencer campaigns.
Wider market conditions may have also played a role in the $5 million figure being reached so soon. Bitcoin breached $60k recently for the first time since 2021, which for many represents a confirmation of a full-blown bull market.
There looks to be more good news on the horizon, too. Ethereum ETFs could hit the market as soon as May, and the Bitcoin halving looms in April, setting the scene for a market-wide rally.
As capital flows into crypto, it’s likely that an altcoin season will kick off, with some analysts believing this has already begun. Memeinator is perfectly positioned to ride the wave of an altcoin gold rush, bringing its $1 billion market cap target very much into view.
The Memeinator presale has now entered Stage 16, putting MMTR at $0.0233. The price will rise to $0.0246 when Stage 17 begins.
About Memeinator
Memeinator is the antidote to the hundreds of throwaway meme coins that lack any legitimate utility. With its deflationary token, engaged community, expertly crafted NFT collection, and AI-powered video game, it offers real innovation instead of just hype. Its purpose is to eclipse its rival meme coins. And, on the way, to deliver strong returns to its community via both trading its MMTR coin and staking before smashing the $1 billion market cap.
For more information, users can visit Memeinator’s website.
Website | Whitepaper | Socials
Contact
Memeinator Team
Memeinator
[email protected]
The Ethereum Name Service (ENS) developer is poised to resolve its dispute with Manifold Finance over ownership of the eth.link domain following the approval of a $300,000 settlement by its decentralised autonomous organisation (DAO).
A vote by the ENS DAO concluded on Feb. 26, with approximately 88% endorsing the settlement.
This agreement will see ENS Labs dropping its lawsuit and paying $300,000 to Manifold while retaining the domain name.
Additionally, 84% of voters approved a $750,000 reimbursement for ENS Labs’ legal expenses.
This settlement brings an end to an 18-month-long conflict that saw ENS Labs suing Manifold and domain registrars GoDaddy and Dynadot in an Arizona District Court.
The lawsuit resulted in an order preventing the domain from being transferred away from ENS Labs.
ENS founder Nick Johnson explained in a Feb. 13 forum post that Manifold’s settlement terms included a demand for $300,000 from ENS Labs, alongside confidentiality and non-disparagement clauses.
Johnson stated, “In return, they are offering an all-parties settlement, which would result in the dismissal of the case and ENS Labs retaining the eth.link domain name.”
ENS functions as a blockchain equivalent of the Domain Name System (DNS), translating domain names like cointelegraph.com into IP addresses for browser accessibility.
Due to the incompatibility between the two systems, ENS utilises the eth.link domain to support “.eth” ENS-based domains.
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The ownership of eth.link lapsed in July 2022, as the early contributor Virgil Griffith, who owned it, could not renew it while serving a jail sentence.
Subsequently, GoDaddy, the registrar for eth.link, allowed the domain to expire, enabling Manifold to acquire it through auction on Dynadot in September 2022.
ENS initiated legal action against the three entities, obtaining a court order halting the domain’s transfer after they failed to appear at a court hearing.
Following months of legal proceedings, Arizona District Judge John Tuchi ordered Dynadot to unlock eth.link in July 2023 for transfer to ENS.
It appears that ENS and GoDaddy have reconciled over the matter, as they recently collaborated to offer .eth ENS domain holders the opportunity to link their domains with traditional domains for free earlier this month.
The perpetrator of the assault on the decentralised exchange (DEX) KyberSwap has been observed shifting millions in digital assets from one blockchain to another.
On the 26th of February, the blockchain analytics firm PeckShield disclosed movements from the wallet address of the KyberSwap attacker.
According to blockchain data, the hacker transferred 798.8 Ether (ETH), valued at nearly £2.5 million, from Arbitrum to the Ethereum network.
In addition to the £2.5 million, the hacker also relocated almost one million dollars in stablecoins. A wallet associated with the exploiter sent £826,500 of the Dai (DAI) stablecoin to another wallet.
The KyberSwap breach stood out as one of the major breaches of 2023. On the 23rd of November, the DEX notified its community that it had encountered a “security incident” and advised its users to withdraw their funds.
It was initially revealed that around £46 million in digital assets were siphoned off during the breach. However, it later emerged that the total amount lost nearly reached £49 million.
On that day, the hacker also left a message on-chain for the KyberSwap team, stating that negotiations would commence when he was “fully rested.”
In response, the KyberSwap team proposed a bounty of £4.6 million in return for the return of 90% of the pilfered funds.
READ MORE: US Attorney Requests Tighter Travel Restrictions for Former Binance CEO CZ
However, the bounty negotiations took a sour turn when the hacker began to express discontent with KyberSwap’s approach.
On the 29th of November, the hacker posted a message on-chain threatening to prolong negotiations further if the KyberSwap team persisted with their threats of legal action and what the hacker described as unfriendliness.
Subsequently, the hacker made an unexpected demand, seeking total control over the KyberSwap company and all of its assets.
The hacker also insisted on temporary full authority and ownership over KyberDAO, which serves as the governance mechanism for Kyber, along with all documents related to Kyber.
The company was given until the 10th of December, 2023, to decide before the “treaty falls through.”
In response to the hacker’s demands, the KyberSwap team opted to initiate treasury grants for the victims of the breach.
On the 2nd of December, 2023, the team announced it would provide a grant to those who lost funds in the breach and have not been compensated.
The breach also had a profound impact on the company, leading to a 50% reduction in its workforce a month after the incident.
Overdare, a venture centred on the Metaverse, has unveiled a collaboration with Circle, the issuer of USD Coin, aimed at incorporating in-game Web3 wallets and USDC payments for its gaming content creators.
Circle declared on February 26th a strategic alliance with Overdare, designed to facilitate crypto payments for creators of gaming content.
As per the proclamation, Overdare will integrate the stablecoin issuer’s Programmable Wallets service to enable in-game wallets and USD Coin payments for gaming content remunerations.
This facilitates content creators in receiving stablecoins in return for their gaming creations.
Overdare stands as a nonfungible token (NFT)-centric metaverse game, a joint effort between the software entity Naver Z and video game publisher Krafton, renowned for its involvement in launching the widely popular battle royale game PUBG: Battlegrounds.
The venture was unveiled on September 15, 2023, as a Roblox-esque mobile game constructed utilising the Unreal Engine 5.
In addition to the wallet integration, Circle emphasised that the metaverse game will incorporate the USDC stablecoin as an alternative method for creators to settle transactions and accrue revenue.
The metaverse enterprise views this as an opportunity to aid gaming creators in transitioning from Web2 platforms to the Web3 realm.
READ MORE: Reddit and Google Forge AI Partnership to Boost Model Training
Henry Park, CEO of Overdare, conveyed the team’s enthusiasm for the collaboration with Circle.
The executive lauded the stablecoin issuer’s adherence to regulatory standards and remarked that the partnership would “assure creators dependable access to their earnings.”
Jeremy Allaire, co-founder and CEO of Circle, expressed his conviction that the partnership could contribute to shaping the “future of digital entertainment” and foster a Web3 ecosystem for all.
Allaire also underscored their eagerness to furnish Web3 wallets and USDC payout support to Overdare in supporting the creator economy.
The latest development within Overdare arises amidst a surge in interest in blockchain gaming tokens.
On February 22nd, the crypto token of Web3 game Pixel approached a valuation of $2.7 billion subsequent to its listing on the crypto exchange Binance.
By then, the PIXEL token had surged to a peak of $0.53, marking a more than tenfold increase from its listing price of $0.04.
London, United Kingdom, February 28th, 2024, Chainwire
The Bitcoin Dogs presale has already raised over $5.1 million in under 14 days. With only 5 stages remaining, the ICO is now at its halfway point and only has 16 days left before it ends.
The ICO is covering fresh territory: no BRC-20 token on the BTC blockchain has been available for public presale until now. This has piqued the crypto community’s interest, and Bitcoin Dogs has generated a strong social following as a result.
Top crypto influencers, including @MrX_Crypto, @BscSuperAltcoin, and @BscGemsX1000, have all shown support for the project. With their combined audience of over 400k, they are contributing to the rapidly growing Bitcoin Dogs community, especially as the presale sells out.
Users can check out the Bitcoin Dogs video to learn more:
Bitcoin Dogs (0DOG) is available to buy on the official website.
The bite behind the bark
As the 15th of March ICO end date draws closer and closer, early adopters of the Bitcoin Dogs 0DOG token will be looking ahead to what the project has in store for the rest of the year, as well as eyeing up 61% price gains before the presale concludes.
The Bitcoin Dogs game will begin beta testing in Q2, according to the official roadmap. This is one new feature that draws on popular gaming influences and bears similarity to established gaming titles.
The game involves raising virtual dogs, drawing on the gameplay of nostalgic favorites like Tamagotchi, and adding play-to-earn (P2E) and player-vs-player (PvP) mechanics like those in Axie Infinity and Bitcoin Cats, both of which have enjoyed success in the blockchain gaming or “GameFi” sector.
When the game officially launches in Q3, its PVP Dog Showdown events will also be unleashed, offering players the chance to race their virtual dogs against each other for potential financial rewards. Races are unlocked only when a dog reaches a high enough level; this will require plenty of love and affection, like daily care actions, as well as social sharing to earn in-game BARK tokens, essentially XP points.
Outside of the game, there are plans for players to collect digital dog NFTs, made up of an exclusive collection of 10,000, with a marketplace allowing gamers to buy, sell, and trade their pups. These NFTs will live on the Bitcoin blockchain itself, setting them apart from first-gen collections like Bored Apes. This is enabled by the devs’ clever use of Bitcoin Ordinals.
Predicting the outcome of 0DOG
As for the 0DOG token itself, the ICO is just the start. When the presale concludes on the 15th of March, 0DOG will be ready to reach a mainstream audience.
Major exchange markets have shown a significant appetite for BRC-20 tokens like 0DOG: daily trading volume for these coins is around the $400 million mark, and huge rallies have been commonplace for exchange-listed BRC-20 tokens.
Bitcoin Cats is one of these projects, and its 1CAT token has cranked out serious gains recently, achieving a 3x pump in December over the course of just a week. The coin now sits at around a $40 million market cap, a feat Bitcoin Dogs could replicate with 2024’s bullish sentiment.
AINN is another BRC-20 project that has enjoyed recent success. Launching in January, the token rallied over 600% in one month. Price action like this appears to be commonplace for this sector of the market.
Besides all of this, Bitcoin Dogs is looking well-timed to benefit from Bitcoin’s current bullishness. BTC seems to be stable above $50k in light of its ETF approvals in January, and with the next halving in April, more gains for BTC could follow. That could cause spillover gains for Bitcoin-based tokens like 0DOG.
After the presale ends on the 15th of March, the mass market will decide the price of 0DOG, so there’s no guarantee it will stay at the reasonable price of $0.0251 that it’s at now.
About Bitcoin Dogs
Bitcoin Dogs is breaking new ground in the Bitcoin ecosystem. For the first time ever, NFTs, gaming, and new token types come together, to offer the first ICO on the original Bitcoin blockchain. The truly permissionless immutability of Bitcoin is being harnessed to create the 0DOG token, while a play-to-earn (P2E) gaming experience and NFT collection are being developed exclusively for 0DOG holders.
For more information and to learn about Bitcoin Dogs (0DOG) users can visit the website.
Website | Whitepaper | Socials
Contact
Bitcoin Dogs Team
Bitcoin Dogs
[email protected]
Grayscale’s spot Bitcoin exchange-traded fund (ETF) has encountered its third consecutive trading day of dwindling net outflows, plummeting to a record low of £22.4 million as ETFs collectively achieved a two-week net inflow peak.
Farside Investor data for 26th February reveals that the Grayscale Bitcoin Trust (GBTC) experienced three successive days of diminishing net outflows on 22nd, 23rd, and 26th February.
The trading week culminated on Friday with a daily net outflow of £44.2 million, which further halved on 26th February.
Daily net GBTC outflows reached their zenith on 22nd January, amounting to £640.5 million.
Nevertheless, Grayscale has endured 31 consecutive trading days of outflows since its transition to an ETF on 11th January, with a total of £7.47 billion drained from the ETF.
CEO of Bitcoin technology firm Blockstream, Adam Back, shared on X on 26th February that he is “waiting for the day GBTC flashes an inflow.”
Back suggested that while it “could happen,” it would necessitate “just enough premium” to motivate traders to arbitrage the ETF.
Henrik Andersson, Chief Investment Officer at asset manager Apollo Crypto, concurred in a separate X post, asserting that when Grayscale’s fund records a net inflow for the first time, it “will be a mega signal to the market.”
READ MORE: US Attorney Requests Tighter Travel Restrictions for Former Binance CEO CZ
Meanwhile, Farside’s data for 26th February indicates that the combined net inflows of all Bitcoin ETFs excluding Invesco and Galaxy’s reached £515.5 million — the highest in two weeks.
The ETFs attained a combined net inflow of £631.3 million on 13th February but have struggled to sustain the momentum since, witnessing even a net outflow of £35.6 million on 21st February due to a comparatively larger outflow day from GBTC and smaller inflows to other funds.
Fidelity’s ETF garnered the majority of the inflows on 26th February, exceeding £243 million, constituting nearly half of the day’s net total.
It marks FBTC’s second-highest inflow day ever, following behind 17th January.
The remaining half of the net inflow stemmed from BlackRock’s ETF, along with ARK Invest and 21Shares fund, which received respective inflows of nearly £112 million and over £130.5 million.