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August 9, 2022
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Bitcoin

Bitcoin whales in defense, reaching new heights

The analyst Ben Lilly published a report in which he determines what caused the impasse and how the BTC has a “bullish combination” in the following weeks. The analyst recorded large sales walls close to current levels. This, he says, is part of a whale strategy to “attract” liquidity.

They do this by paralyzing prices close to a disruption. Then, after releasing the valve for a while, they can clear those accumulated ones, as well as the newly added positions.

The key to an exit of the shares from the current price is the “unblocking” of a large amount of BTC from the Grayscale fund, which could give an upward momentum. These unlocks will start to take place at the end of April, says the analyst:

For me, this continuous scenario aside makes more sense, given the speed with which we have climbed since last week… But when it comes to bitcoin, if these walls are raised and the liquidity false exit / grab maneuver does not occur… then we will for the races.

Jet fuel up. Financing rates redefined with the drop. Now the liquidity is greater, it is time to punch.

BTC is trading around $ 58,858, with gains of 1.2% on the 24-hour chart and 5.6% on the weekly chart.

Grayscale: Conversion of Bitcoin Trust into ETF

Looking at the big picture, Grayscale Bitcoin Trust (GBTC) has lost its monopoly as the only investment vehicle for institutions seeking exposure to Bitcoin. The emergence of Exchange Traded Funds (ETFs) in Canada has absorbed a lot of institutional interest. Investment firm Grayscale recognizes this.

In a recent publication, the company revealed that it is “committed” to converting the GBTC into an ETF. Having tried unsuccessfully in 2016 until 2017, Grayscale believes that the sector has matured. The investment firm stated:

Today, we remain committed to converting the GBTC into an ETF, although the timing is determined by the regulatory environment. When the GBTC becomes an ETF, the shareholders of the publicly traded GBTC shares will not need to take any action and the management fee will be reduced accordingly.

As such, they do not offer a specific date for the possible approval or conversion of your GBTC. The company says it is “focused” on the long term. A few hours after this announcement, the GBTC premium increased by 5% after negative trading throughout March.

GBTC premium gained about 5% after the gray scale says it is ‘100% committed to converting GBTC to ETF’

Source: NewsBTC

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