long correction or “bullish selling”?

If Grayscale didn’t exist, the Bitcoin ETF launch would probably have had the best ETF start ever – measured by trading volume and the short-term amounts accumulated by BlackRock and Fidelity. The fact that this historic moment has now become a “sell-the-news event” is largely due to the enormous sales of the GBTC Bitcoin fund. Or rather, from its customers, among whom, as we now know, FTX also sold shares. Even more than a year and a half after the collapse, the insolvent crypto exchange appears to be haunting investors. And really spoiling the cops’ fun.

To make matters worse, more and more Bitcoin is coming to exchanges from whales (wallets with more than 1,000 BTC), indicating selling by large investors. What for some is just part of a smaller correction, for some others appears to be the beginning of a longer period of price weakness. So has the Bitcoin party 2024 already been canceled or is it so-called “bullish selling”? An overview and classification of Grayscale, whales and co.

GBTC is bleeding, BlackRock is gobbling up BTC