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

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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:

The Grayscale Bitcoin Trust May Be Signaling BTC has Formed a Long-Term Bottom

Bitcoin has been consolidating between $9,000 and $10,000 for the past several days and weeks, struggling to garner any clear trend The crypto has expressed some overt weakness in recent times due to its propensity to trade near the lower boundary of this range Buyers have been ardently defending against a drop below $9,000 One trend seen while looking towards the publicly traded Grayscale Bitcoin Trust seems to indicate that the cryptocurrency could be forming […]

2020-7-2 02:00


Фото:

Grayscale has Bought More Bitcoin than has Been Mined Since Halving

Institutional interest in Bitcoin is increasing, so much so that major firms are buying up the asset at unprecedented rates. Grayscale has been aggressive on BTC acquisition since the halving. The investment firm has purchased 18,910 bitcoins over the past couple of weeks according to investor Kevin Rooke [@kerooke], who added, “Wall Street wants Bitcoin, […] The post Grayscale has Bought More Bitcoin than has Been Mined Since Halving appeared first on BeInCrypto.

2020-5-30 17:10


Grayscale резко увеличил покупку Bitcoin. У инвесторов улучшился финансовый аппетит

Один из крупнейших криптовалютных инвестиционных фондов, Grayscale, после халвинга Bitcoin, который случился 11 мая, резко нарастил покупку этой криптовалюты. Согласно данным, которые обнародовал аналитик Кевин Рууке, фонд после халвинга купил 18910 Bitcoin в свой Bitcoin Investment Trust.

2020-5-29 09:05


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