The current discount implies the market has known for some time things are bad and now thinks things are worse.
It is currently unclear if people will get Gemini Earn assets back or how GBTC and other trusts will be impacted. So super unclear how anyone was protected here by SEC. This really stings for the average American who had only GBTC to invest in if they wanted to invest in Bitcoin in their 401k. it also means GBTC (and all the other trusts) that once traded at massive premiums now trade at massive discounts. This means no one can withdraw from Gemini Earn, since it was Gemini doing the earning. Unfortunately, the impact seems to be systemic in his companies which include Genesis, Greyscale, and DCG. GBTC, ETHE, Genesis, Barry, etc (and ETCG): Barry Silbert, the CT Billionaire who helped launchpad crypto into the public sphere with his cash machine GBTC… also apparently took a bunch of loans and lost money on big GBTC holder 3AC. Yikes, Alameda to be fair also lost tens of billions. In theory, we may see pennies on the dollar for FTX and dollars on the dollar for FTX.US, if the money that is there makes it back to users. CZ from Binance dumped on them (to avoid losing another 350 billion like he did in Luna basically) and everyone subsequently lost billions when FTX filed chapter 11. Took lots of loans, then got absolutely rekt when Luna went to zero, which directly or indirectly caused trouble for entities including Genisis/Digital Currency Group (DCG)/Greyscale (the company that owns GBTC and ETHE), Block-Fi, FTX, etc.įTX: Turns out FTX leveraged the entire industry against their FTT token. This left Block-Fi in a zombie state until its recent chapter 11.ģAC: Wonder boys of the last crypto cycle. Although someone probably made some money.īlock-Fi and Celcius: Crypto lenders who basically went bust due to Luna. Most crypto traders, coins, and companies lost money when this happened. Luna: Was the yield-generating wonder coin of Crypto and ETH competitor with its own stablecoin… that got attacked and dumped to zero as UST their stablecoin depegged.
This page is like a super quick rundown of the past X months. Otherwise, a quick Google search or time spent on Twitter with the right accounts will offer lots of info on any subject below.
#GEMINI EARN WORTH IT FOR FREE#
To double-check any data mentioned, feel free to Get Onchain Data For Free With CryptoQuant: Get your first month free at CryptoQuant to see metrics like exchange inflow and outflow with referral link. I’m going to cover this in a super quick style so we can shake off those bad vibes and get to the boring part of the bear market where we stop losing money and start just not caring. Given this, let’s quickly cover GBTC, ETHE, WETH, Genesis, Gemini Earn, FTX, Block-Fi, and other matters (like if Coinbase is in trouble HINT: all official signs and documents say it’s fine).
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