While the selling pressure on Bitcoin, which started after the ETF approval, still continues, the price dropped below $ 41,000.
This decline made investors nervous and increased Bitcoin’s weekly losses to over 10%.
At this point, investors are wondering about the source of the decline and whether it will continue. Famous cryptocurrency analyst Scott Melker, known as The Wolf of Street, in Bitcoin He said that the latest decline was due to Grayscale.
At this point, after ETF approval Grayscale Bitcoin Trust (GBTC) Noting that there has been a large outflow from its shares, analyst Grayscale also said that it had an amount equivalent to GBTC. Bitcoin He stated that he had to liquidate it.
According to the analyst, the decline in BTC was also caused by Grayscale’s BTC liquidation.
Melker also stated that Grayscale did not make malicious sales, and that this was due to the nature of ETFs.
“Grayscale is not actively selling Bitcoin.
People are selling GBTC, which means Grayscale must sell an equivalent amount of BTC.
Grayscale is not malicious. “This is just the mechanics of an ETF.”
Bitcoin At the time of writing, it continues to trade at $41,455.
Grayscale is not actively “dumping on the market.”
People are selling GBTC which means grayscale has to sell the equivalent amount of bitcoin.
It’s not nefarious. It’s simply the mechanics of an ETF.
— The Wolf Of All Streets (@scottmelker) January 18, 2024
*This is not investment advice.
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