Bitcoin (BTC) and the broader crypto market are holding steady on Tuesday as the outflows from Grayscale’s GBTC ETF have dwindled to a manageable level, taking away one of the main sources of negative pressure on Bitcoin’s price.
Bloomberg Intelligence ETF analyst James Seyffart posted the latest update on the ETF flows, showing that Monday was the 17th day of net positive inflows, with BlackRock and Fidelity leading the way.
Daily #Bitcoin ETF Cointucky Derby update. Another net positive inflow day. But looks like the daily inflow streak has ended at 16 trading days for Ark/21Shares and Bitwise. Streak still going for BlackRock & Fidelity though pic.twitter.com/Y2KalUXxSK
— James Seyffart (@JSeyff) February 6, 2024
“Streak still going for GBTC in the opposite direction too,” Seyffart added. “17 days of outflows.”
Data provided by TradingView show that after trading near support at $42,800 on Tuesday morning, Bitcoin bulls pushed the price action as noon approached, lifting BTC to an intraday high of $43,375.
BTC/USD Chart by TradingView
Bulls now find themselves locked in a battle with bears for control of the price action, and numerous analysts see an extended period of sideways trading until Q2 and the halving in April.
This cycle has been a story of Re-Accumulation Ranges, heading into the Halving$BTC #Crypto #Bitcoin pic.twitter.com/PFHAIEg3vC
— Rekt Capital (@rektcapital) January 31, 2024
While Bitcoin and other major cryptos are holding steady, the story making headlines on Tuesday is an outage of the Solana (SOL) blockchain, which stopped producing new blocks for more than five hours.
Mainnet validator operators: release version v1.17.20 is ready – please upgrade and restart with the following instructions: https://t.co/e03MMyeIYB
— Solana Status (@SolanaStatus) February 6, 2024
A message from the tech team behind the platform was posted at 10:22 UTC saying, “Engineers from across the ecosystem are investigating an outage on mainnet-beta.”
At 15:09 UTC, the following update was given: “Block production on Solana mainnet beta resumed at 14:57 UTC, following a successful upgrade to v1.17.20 and a restart of the cluster by validator operators. Engineers will continue to monitor performance as network operations are restored.”
“The outage began at approximately 09:53 UTC, lasting 5 hours,” the update said. “Core contributors are working on a root cause report, which will be made available once complete.”
The network is now in the process of restarting dapps and assessing the downstream effects.
Outages have been an issue with Solana for years and have been highlighted as one of the primary concerns for investors. The last major outage occurred on February 25, 2023, and took engineers several hours to fix.
SOL price dipped from $96 to $93 in response to the outage but recovered back above $95 once block production on the network resumed.
SOL/USD Chart by TradingView
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