Grayscale Withdrawals Spark Concerns for Bitcoin ETFs, Expert Warns

U.Today delivers the top three cryptocurrency news stories of the day. Samson Mow, CEO of Jan3, warns about major Bitcoin ETF outflows, urging the community to prepare for future inflows. Litecoin undergoes a core upgrade (v0.21.3rc3), bringing security enhancements and bug fixes. Gate.io exchange lists BONE, the Shiba Inu ecosystem token, for margin trading, boosting its trading potential.

Grayscale Outflows Raise Concerns for Bitcoin ETFs, Expert Warns

Amidst significant withdrawals from spot-based Bitcoin exchange-traded funds (ETFs), esteemed crypto industry expert Samson Mow has issued a cautionary statement. Within a three-day period, an astounding $742 million exited Bitcoin ETFs, primarily attributed to substantial withdrawals from Grayscale Bitcoin Trust (GBTC). According to experts, Grayscale's notably higher fees compared to its ETF market competitors have driven investors to exit the trust.

In response to the outflow developments, Mow, CEO of Jan3 and ardent advocate for Bitcoin's price surge, expressed his unwavering optimism for the cryptocurrency's future. Noting the potential for withdrawals to eventually reverse into inflows, Mow urged the Bitcoin community to "plan accordingly."

Litecoin Core Upgrade Enhances Network Security and Functionality

In a significant advancement for the Litecoin ecosystem, the Litecoin Foundation team has implemented a core upgrade, bringing a suite of enhancements to the LTC network. Litecoin Core v0.21.3rc3, the latest minor version release, introduces new features, critical bug fixes, and substantial security improvements.

Among the notable changes, the core upgrade bolsters Litecoin's security measures against potential attacks and vulnerabilities. The release addresses CVE-2023-33297, a vulnerability allowing for remote bandwidth and CPU denial of service attacks that have been exploited in live environments.

The upgrade underscores Litecoin's unwavering commitment to technological advancements and stability, representing a pivotal milestone in the project's ongoing evolution.

Gate Exchange Expands Shiba Inu Ecosystem Trading with BONE Margin Trading

Gate, a leading cryptocurrency exchange, has announced its plans to augment the trading potential of BONE, the utility token within the Shiba Inu ecosystem. The token will be incorporated into the exchange's margin trading section, enabling traders to borrow BONE and engage in leveraged trading using USDT as the base currency.

BONE has enjoyed strong performance on Gate's platform, particularly in its spot market. The exchange's support for BONE is a significant milestone, as Gate ranks among the first major exchanges to embrace the token. Market data from CoinMarketCap indicates that Gate is one of the top three destinations for BONE trading volume, accounting for nearly 10% of the token's total turnover.

As the Shiba Inu community eagerly anticipates the potential listing of the SHIB token on Binance, Gate's embrace of BONE reinforces the growing recognition and adoption of the Shiba Inu ecosystem.