#Bitcoin "Sell off" - Why ?
Firstly, it is all a very well measure correction, what is sold, is bought up.
SO, This CORRECTION of Bitcoin is NOT panic selling, as supported and shown by by the most excellent @_Checkmatey_ and @_checkonchain via X
OnChain data tells us what is Really happening.
We are seeing more the continued movement of GBTC stock. The following quotes are from Google.
"Grayscale started shifting its BTC to Coinbase for selling because onit converted its fund into a BTC exchange-traded fund (ETF) on January 10."
"Market commentators argue that the bankruptcy of crypto giant FTX has played a significant role in the selloff of GBTC. FTX was a major holder of GBTC before it filed for insolvency in November 2022, holding about 22 million shares as of Oct. 25" (Mar 19, 2024)
"GBTC had outflows yes, but it is largely Genesis (we know this for fact), who is simply exchanging GBTC shares for spot BTC, so net neutral event (plus GBTC is all pre-ETF money).Mar 22, 2024 "
HOWEVER ->
"The sale of GBTC shares was completed on April 2, the documents show. On Feb. 15, Genesis received permission from a New York bankruptcy court to sell the nearly 36 million shares in GBTC, as well as additional shares in two Grayscale Ethereum trusts" .(Apr 5, 2024)
Which means GREYSCALE are selling too.
A
nd as we can see, All this BTC has been bought up but maybe the buying is slowing...saturation point...and so we look to the New Hong Kong ETF Laws to maybe Buy it all up, if they were not before, which is highly unlikely.
The Green Box in the chart is March 2024 - See how price reacted in the period.
The other thing to notice here is that the Price Candles in the chart, the Fatter they are, the more Volume involved. Volune is DECREASING
The Green box in the Image is the same period as the chart above, March 2024
The GREEN / RED bars in that image show the Buying / Selling pressure.
That is also DECREASING
So, I can only conclude that while Genisis was Selling off, Greyscale was also and has continued to do so...and they are slowing down
It is NOT ETF Panic
HOLD YOUR BITCON
Firstly, it is all a very well measure correction, what is sold, is bought up.
SO, This CORRECTION of Bitcoin is NOT panic selling, as supported and shown by by the most excellent @_Checkmatey_ and @_checkonchain via X
OnChain data tells us what is Really happening.
We are seeing more the continued movement of GBTC stock. The following quotes are from Google.
"Grayscale started shifting its BTC to Coinbase for selling because onit converted its fund into a BTC exchange-traded fund (ETF) on January 10."
"Market commentators argue that the bankruptcy of crypto giant FTX has played a significant role in the selloff of GBTC. FTX was a major holder of GBTC before it filed for insolvency in November 2022, holding about 22 million shares as of Oct. 25" (Mar 19, 2024)
"GBTC had outflows yes, but it is largely Genesis (we know this for fact), who is simply exchanging GBTC shares for spot BTC, so net neutral event (plus GBTC is all pre-ETF money).Mar 22, 2024 "
HOWEVER ->
"The sale of GBTC shares was completed on April 2, the documents show. On Feb. 15, Genesis received permission from a New York bankruptcy court to sell the nearly 36 million shares in GBTC, as well as additional shares in two Grayscale Ethereum trusts" .(Apr 5, 2024)
Which means GREYSCALE are selling too.
A
nd as we can see, All this BTC has been bought up but maybe the buying is slowing...saturation point...and so we look to the New Hong Kong ETF Laws to maybe Buy it all up, if they were not before, which is highly unlikely.
The Green Box in the chart is March 2024 - See how price reacted in the period.
The other thing to notice here is that the Price Candles in the chart, the Fatter they are, the more Volume involved. Volune is DECREASING
The Green box in the Image is the same period as the chart above, March 2024
The GREEN / RED bars in that image show the Buying / Selling pressure.
That is also DECREASING
So, I can only conclude that while Genisis was Selling off, Greyscale was also and has continued to do so...and they are slowing down
It is NOT ETF Panic
HOLD YOUR BITCON