Is Grayscale GBTC Signaling An Imminent Bitcoin Breakout?

2023-10-14 18:30

The SEC must appeal Grayscale’s recent court win by the end of the day today, or will be forced to approve or delay the company’s plan to convert GBTC into a Bitcoin ETF.

The Grayscale Bitcoin Trust (GBTC) chart could be signaling an imminent breakout, which could hint at the SEC failing to file an appeal by the deadline. Is this a sign of what is to come in the spot crypto market?

Grayscale Bitcoin Trust Begins Possible Bullish Breakout

The price of per BTC is determined on the free and open market, based on an order book system of bids and asks that represent supply and demand. If there are more buyers than sellers, price moves up and vice versa.

Grayscale on the other hand owns a substantial amount of Bitcoin in which it holds in trust, and offers investors shares of this product as GBTC. It attracts a very different type of investor than the retail-driven crypto market, who aren’t interested in digital asset custody.

The price of GBTC can trade at a premium or discount compared to the price per coin, depending on investor sentiment. Over the last several months, Grayscale’s Bitcoin Trust has been making much higher lows than the spot chart.

And as of this week, GBTC might have broken out of resistance and is signaling a possible move higher. With the possibility of the SEC failing to file for an appeal by the end of the day today, sentiment could switch decidedly bullish in crypto.

 

Spot Price Lags Behind, But BTC ETF Season Could Be Here

Crypto industry lawyers reveal that the SEC could ultimately find other reasons to deny Grayscale’s ETF application, however, the SEC appears to be running out of reasons to deny or delay the approval over a slew of spot BTC ETFs. The SEC has seven applications to consider, which include BlackRock’s iShares.

As a speculative asset class, the SEC missing the appeal deadline could send speculation wild that a domino-effect of ETF approvals could be on the horizon. An ETF has been heralded as potentially bringing hundreds of billions, if not trillions of dollars into the top cryptocurrency by market cap.

Could the Grayscale Bitcoin Trust chart be foretelling the world that spot ETF season is right around the corner?

One coin, two charts #Bitcoin (left) versus #GBTC (right)

Is Grayscale's BTC signaling an early breakout and prelude of what's to come? pic.twitter.com/zavJ2isWLA

— Tony "The Bull" (@tonythebullBTC) October 13, 2023

origin »

Bitcoin price in Telegram @btc_price_every_hour

Bitcoin (BTC) на Currencies.ru

$ 63952.62 (-0.16%)
Объем 24H $23.855b
Изменеия 24h: 1.04 %, 7d: 0.12 %
Cегодня L: $63952.62 - H: $64447.5
Капитализация $1283.265b Rank 1
Цена в час новости $ 26893.41 (137.8%)

bitcoin grayscale gbtc could sec signaling imminent

Источник: bitcoinist.com

bitcoin grayscale → Результатов: 126


Фото:

Grayscale Investments Launches Bitcoin Miners ETF

Grayscale Investments has launched the Grayscale Bitcoin Miners ETF (MNRS), offering investors a way to gain exposure to the Bitcoin mining industry without directly holding BTC. Tracking the Indxx Bitcoin Miners Index, the ETF includes major players like MARA, Riot, and Core Scientific, making it an attractive option for those looking to diversify into Bitcoin-related equities.

2025-1-30 18:06


Grayscale Spot Bitcoin ETF Turns Positive After $17.5 Billion In Outflows, Sees Inflows For The First Time

In a rather shocking development, Grayscale Bitcoin Trust (GBTC) has recorded its first-ever inflow after witnessing significant daily outflows since its launch.  Grayscale Bitcoin ETF Records Over $60 Million In Inflows Grayscale’s Spot Bitcoin ETF has finally broken its 82-day streak of outflows since its launch on January 11, 2024. GBTC saw its first day […]

2024-5-5 03:00


Фото:

Суд разрешил криптокредитору Genesis продать акции фонда Grayscale Bitcoin Trust на $1,3 млрд

Суд по делам о банкротстве Южного округа Нью-Йорка удовлетворил ходатайство обанкротившегося криптокредитора Genesis Capital, просившего разрешить ради погашения долгов перед кредиторами продать акции фонда Grayscale Bitcoin Trust (GBTC) на $1,3 млрд.

2024-2-16 23:20


Фото:

Grayscale’s $1.5 Billion GBTC Unlock Nears – Why Analysts Are Predicting An Unfavorable Impact On Bitcoin Price

Bitcoin leads calmly this weekend tightly ranging between $33,000 and $34,500 ahead of this week’s unlocking of Grayscale Bitcoin Trust (GBTC) shares. The tight squeeze is closely linked to uncertainty by most investors who prefer not to take a side until the activity is concluded, a usual phenomenon with markets. Most Altcoins have also maintained […]

2021-7-13 18:47


Institutional Demand in Bitcoin is Increasing at an ‘Accelerating Pace’ in 2021: Grayscale CEO

The crypto market is still buzzing off Tesla’s $1.5 billion bets on Bitcoin as the company designated 7.7% of its cash reserves to purchase Bitcoin (BTC) last month. In an interview with CNBC’s Squawk Box on Wednesday, Grayscale CEO, Michael Sonenshein, said this latest trend of institutions such as Tesla, Square, PayPal, and Twitter adding […] The post Institutional Demand in Bitcoin is Increasing at an ‘Accelerating Pace’ in 2021: Grayscale CEO first appeared on BitcoinExchangeGuide.

2021-2-12 20:27


Grayscale CEO predicts race to grab Bitcoin even as Twitter CFO considers Bitcoin investment

In a recent interview with CNBC Squawk Box Michael Sonnenshein, CEO at Grayscale Investments addressed Tesla’s recent Bitcoin investment that fuelled a fresh BTC rally. According to Sonnenshein, insThe post Grayscale CEO predicts race to grab Bitcoin even as Twitter CFO considers Bitcoin investment appeared first on AMBCrypto.

2021-2-11 21:00


дальше еще 77 новостей →

Партнеры Currencies.ru



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Bitcoin price prediction: Is Strategy’s 1,550 BTC buy a bullish signal after the crash?

Strategy bought 1,550 BTC after a rare 32 BTC sale. Bitcoin is stabilising near $63K after a sharp 20% monthly drop. Analysts split on whether the $60K support will hold or break lower. Bitcoin has been moving through a volatile stretch marked by sharp liquidations, uneven recovery attempts, and conflicting signals from both technical indicators […] The post Bitcoin price prediction: Is Strategy’s 1,550 BTC buy a bullish signal after the crash? appeared first on CoinJournal.