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In recent market conditions, Bitcoin (BTC) has struggled to stay above $42,000 due to outflows from Grayscale’s Bitcoin Trust (GBTC). Meanwhile, Galaxy Fox (GFOX) is approaching $3 million in presale, pointing to increasing support from the community.
GBTC Outflows and BTC struggling below $42,000
The recent approval of Bitcoin’s ETF seems to have significantly impacted the market, with some analysts indicating that it may have marked a short-term top or a “sell-the-news” event.
This has led to selling momentum and major players like whales and miners taking profits. Additionally, there have been significant outflows from the GBTC, which has weakened the prevailing Bitcoin sentiment.
Despite these challenges, Bitcoin has managed to defend its support around the $42,000 mark.
Even with this poor price action, projects like Galaxy Fox remain resilient.
Galaxy Fox is closing in on $3 million
The Galaxy Fox presale is approaching $3 million, and some speculate that the recent surge in participation may be due to investors seeking to avoid volatility.
This year is expected to be great for cryptocurrencies, particularly with the crypto community expecting the Federal Reserve to cut rates.
Galaxy Fox offers a new hybrid model that benefits its owners from the increasing popularity of memecoins and the speculative appetite for GameFi projects.
Its Web3 runner game allows top-ranked players to earn prizes at the end of each season. At the same time, the NFT collection adds a new dimension by granting stat bonuses to holders.
The protocol also offers staking rewards to its GFOX holders through the Stargate module.
Additionally, GFOX is a deflationary asset, as the protocol’s token burn reduces its total supply.
The fair launch mechanism employed by the protocol also ensures distributed ownership.
Closing thoughts
Presales offer investors the chance to acquire new crypto assets before public listing. As such, interested users can consider Galaxy Fox in the ongoing presale. Meanwhile, Bitcoin’s resilience around $42,000 suggests that the uptrend remains.
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