Grayscale Sells $41M Worth Of Bitcoin
Grayscale reportedly sold $41 million worth of Bitcoin amidst an upswing in Bitcoin prices. Bitcoin rallied to $45,000, then climbed past $47,000, fueling a liquidation of over $155 million. Grayscale strategically moved $83 million in BTC, with $41 million sold to Coinbase, triggering a $1,000 price fluctuation around the $47,000 mark and resulting in a liquidation of $8.2 million in the last hour, most of which was buyers’ liquidations.
Will The Sale Impact BTC Price?
Traders are concerned about potential outflows from GBTC as they aim for a short-term target of $50,000. Genesis plans to sell $1.6 billion in GBTC shares, and since transitioning to an ETF, Grayscale’s GBTC has seen over $6 billion in liquidation. However, as Grayscale reduces its GBTC holdings, other ETF providers are adding Bitcoin to their portfolios, maintaining positive netflows.
Positive Outlook For BTC?
Grayscale’s GBTC sent out approximately 1.7K BTC, valued at $83 million, while ETFs saw a net inflow of $405 million over 10 consecutive days, signaling a positive trend. Continued significant inflows could prevent big price corrections, but any such corrections could trigger panic selling.
Hot Take: Grayscale’s BTC Sale
Grayscale’s $41 million BTC sale highlights the impact of institutional movements on Bitcoin prices. Despite concerns about outflows from GBTC, other ETF providers’ continued Bitcoin acquisitions may help mitigate potential price corrections, maintaining a positive outlook for Bitcoin.