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<a href="https://bitcoinworld.co.in/grayscales-legal-tussle-and-bitcoin-whales-whats-shaping-the-crypto-market/" title="Grayscale’s Legal Tussle and Bitcoin Whales: What’s Shaping the Crypto Market?" rel="noopener noreferrer nofollow"></a> 
Grayscale’s recent triumph over the SEC has breathed new life into the crypto market, particularly enticing whales to invest more. On August 29, the DC Circuit’s Court of Appeals unanimously overturned the SEC’s denial of Grayscale Bitcoin Trust’s (GBTC) conversion to a spot Bitcoin ETF. Consequently, this win uplifted the spirits of GBTC shareholders and the broader crypto community. 
Grayscale’s legal team penned a letter to the SEC in response to the favorable court decision. The letter emphasized that the SEC’s past rulings provide no valid basis for discriminating between spot Bitcoin ETFs and futures ETFs. Moreover, the legal experts pointed out that Grayscale’s Rule 19b-4 filing had languished in bureaucratic inertia, contravening legal timelines. Hence, they implored the SEC to expedite NYSE Arca’s Rule 19b-4 filing, advocating for fair treatment of GBTC’s nearly one million investors. 
However, Grayscale’s partial victory doesn’t necessarily fast-track changes to the Bitcoin investment landscape. GBTC is all set to function as an ETF, pending regulatory approval. Yet, the journey is far from over. 
Additionally, the appetite for Bitcoin is growing, not just through ETFs but in institutional interests. Glassnode’s data reveals that the number of addresses holding at least 10 Bitcoin reached an all-time high of 157,460. This number surpasses the previous record set in September 2019. Significantly, this heightened activity from whales might influence Bitcoin’s price and centralization in the future. 
In contrast, Bitcoin miners are facing dwindling revenues. A decrease in income can compel miners to sell their holdings, thereby exerting downward pressure on Bitcoin’s value. Such market dynamics could offset the gains from increased institutional interest. Bitcoin trades at $25,747.84, marking a slight dip of 0.07% within the last 24 hours. 
In summary, while Grayscale’s recent win and surging whale interest inject optimism, they also introduce new challenges and variables. Therefore, investors and market watchers should tread cautiously, given the multifaceted factors. 
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The post <a rel="noopener noreferrer nofollow" href="https://bitcoinworld.co.in/grayscales-legal-tussle-and-bitcoin-whales-whats-shaping-the-crypto-market/">Grayscale’s Legal Tussle and Bitcoin Whales: What’s Shaping the Crypto Market?</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://bitcoinworld.co.in">BitcoinWorld</a>.

Grayscale’s Legal Tussle and Bitcoin Whales: What’s Shaping the Crypto Market?

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