What Happened In The Crypto Market Today & Yesterday?

<p>&nbsp;"It feels like BTC still doesn't know where to go."</p><p><br /></p><p>The price of cryptocurrency king Bitcoin (BTC) maintained its position above $39,000 as the release of United States (US) Gross Domestic Product (GDP) data for the fourth quarter last night saw growth of 3.3% compared to estimates of 2%.</p><p><br /></p><p>Reportedly, the GDP data came out amid the possible expiration of billions of dollars in crypto futures which are a type of derivative used by investors to predict future movements of digital assets, commodities or currencies.</p><p><br /></p><p>So it can be seen that today's expiration may be very significant where $3.7 billion in options notional open interest* BTC is set to expire, commented Deribit Chief Commercial Officer Luuk Strijers while adding that the options for Ethereum (ETH) are also at $2 billion.</p><p><br /></p><p>*Reflects the amount of value controlled by the positions and how much value is represented by the derivative contract.</p><p><br /></p><p><br /></p><p>However, there are signs that many traders do not want to let the contract expire just like that, so traders are expected to roll their positions forward.</p><p><br /></p><p>The incident has come after a hectic January when 11 different BTC spots were approved and then a massive outflow from Grayscale Bitcoin Trust (GBTC) erupted after investors sold its previously locked-up shares.</p><p><br /></p><p>On the other hand, the Securities and Exchange Commission (SEC) has pushed back the deadline to decide whether to approve Grayscale's ETH spot or not while asset manager Bitwise received a lot of donations in BTC and inscriptions after revealing the wallet address to the public.</p><p><br /></p><p>Not only that, GBTC was found to have recorded an outflow of $429 million on January 24, 2024 which is the lowest amount since its launch on January 11 this year.</p><p><br /></p><p>As of this writing, BTC price has plunged by 0.06% to $39,937 in the past 24 hours with a market cap of $783 billion and has recorded a 3.18% decline over the past week.</p>