CryptoQuant: “Grayscale Selling Pressure in Bitcoin May Last Until April! But Grayscale is Not the Source of the Fall in BTC!”

Spot Bitcoin ETF after approval BTC While there was a big decline, the price dropped to $ 40,000.

Stating that ETF approval was a “news selling” event CryptoQuantsaid that various on-chain indicators indicate that the price correction may not be over yet, or at least a new rally is still not on the cards.

at this point Julio Moren, CrpyoQuant’s Research Managerhe also made an evaluation and noted that the decline graysaccelea He said that the general idea that it is related to the disease is not true.

Because Grayscale Bitcoin while selling other ETFs totaling approximately 72,000
Bought Bitcoin.

At this point, Moreno said that the sales were due to short-term Bitcoin investors taking profits and sales of large BTC holders.

“There is a narrative that the current Bitcoin price correction is due to Graysacle selling Bitcoin. But it is NOT caused by Graysacel.

GBTC sold approximately 60,000 Bitcoins. Other ETFs combined net purchased approximately 72,000 Bitcoins.

The selling came from Bitcoin holders (short-term traders and whales) who took profits after last year’s rally (ETF approval was a “sell the news” event).”

Finally, Monero also stated that it believes the GBTC exit is a temporary event and the decline will eventually end as the market adjusts to Bitcoin ETFs.

Additionally, according to CryptoQuant’s data, it is estimated that GBTC could run out of Bitcoins by early April 2024 if Grayscale’s selling trend continues and assuming a steady exit rate of 10,000 Bitcoins per day.

According to the data, Graysacle currently has 566,973 Bitcoins is available.

*This is not investment advice.