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Who had that Bitcoin target price prediction?
- Thread starter Subway
- Start date
really tough to predict the bigger moves. We definitely got a solid rejection today and Grayscale transferred 4000 BTC to Coinbase this morning, and updated the holdings numbers on their website to reflect a sell off of 2000 BTC. I don't think they're done selling.
Grayscale has dumped more than 50,000 BTC so far. They still have over 550,000 BTC remaining, but sent another $900m worth to Coinbase this morning.
Somewhere around 34k looks like support.
Grayscale was non-convertible meaning you could send bitcoin in to make a new GBTC share, but you could not redeem GBTC for bitcoin in return. Because of that, selling it caused GBTC to trade under the value of the bitcoin it held in its trust.
Now that it's converted to an ETF (with much higher fees than other ETFs) traders who bought it for the discount in order to sell when it reached parity with the underlying bitcoin are redeeming. At the same time, people who want to hold bitcoin in a tradfi account are swapping GBTC for lower fee competitors, mostly Fidelity and Blackrock it looks like.
Part of it is FTX.
FTX held over $billlion worth of GBTC and are dumping their stacks. I'm not sure if Grayscale held GBTC for them as a custodian, or if FTX held their own GBTC but Grayscale converted to ETF.
But Grayscale is a custodian so they hold GBTC of their customers shares. So if their customers sell, Grayscale has to sell those corresponding GBTC. The outflows are in the $billions the last couple of weeks.
Also, BTC halving is very close in April, so follow the miners wallets if they are known.
"CoinShares, in its latest “Mining Report” noted that there's a “peak in hashrate growth often occurs about four months before the halving"
Who had that Bitcoin target price prediction?
forum.surfer.com
Still watching the 32k zone for possible bounce. So far, it's playing out perfectly.
Pork up 26% since you ran your mouth. Did you do any research before this statement? Do you want to make money or do you want to be “right”? Critiques are fine, but uneducated takes don’t help anyone.
I know the erBB will have no effect on the chart, so it matters fk all to me if you join. It’d be nice for surfers here to get a win, that’s all. I’ve been in crypto since 2013–I know what I’m talking about.
Chill out. We're all friends here just trying to get through life. No need to be rude.
What exchange are you trading PORK?