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In recent market conditions, bitcoin (btc) has struggled to stay above $42,000 due to capital outflows from Grayscale's bitcoin Trust (GBTC). Meanwhile, Galaxy Fox (GFOX) is approaching $3 million in pre-sales, pointing to growing community support.
GBTC and btc exits struggling below $42,000
The recent approval of the bitcoin ETF appears to have had a significant impact on the market, with some analysts indicating that it may have marked a short-term high or “sell the news” event.
This has led to a sales boost and major players such as whales and miners making profits. Additionally, there have been significant capital outflows from GBTC, which has weakened the prevailing sentiment around bitcoin.
Despite these challenges, bitcoin has managed to defend its support around the $42,000 mark.
Even with this poor price development, projects like Galaxy Fox remain resilient.
Galaxy Fox is approaching $3 million
Pre-sales for the Galaxy Fox are approaching $3 million and some speculate that the recent surge in participation may be due to investors looking to avoid volatility.
This year is expected to be a great one for cryptocurrencies, particularly as the crypto community expects the Federal Reserve to cut rates.
Galaxy Fox offers a new hybrid model that benefits its owners from the growing popularity of memecoins and the speculative appetite for GameFi projects.
Their Web3 runner game allows the highest ranked players to win prizes at the end of each season. At the same time, the nft collection adds a new dimension by granting stat bonuses to its holders.
The protocol also offers staking rewards to its GFOX holders through the Stargate module.
Furthermore, GFOX is a deflationary asset, as the protocol's token burning reduces its total supply.
The fair release mechanism employed by the protocol also ensures distributed ownership.
Final thoughts
Pre-sales offer investors the opportunity to acquire new crypto assets before going public. As such, interested users can consider Galaxy Fox in the ongoing pre-sale. Meanwhile, bitcoin's resistance around $42,000 suggests the bullish trend remains.
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