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<p>The post <a href="https://coinpedia.org/news/grayscale-sells-41m-in-bitcoin-amid-btcs-47k-struggle-impact-on-bull-run/">Grayscale Sells $41M In Bitcoin Amid BTC’s $47K Struggle: Impact On Bull Run?</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>Grayscale, one of the leading digital asset management firms, has reportedly sold $41 million worth of Bitcoin. This significant transaction comes at a time when Bitcoin price is experiencing upswings, halting the current momentum near the $47K mark. Nevertheless, the selling pressure on Bitcoin triggered by GBTC’s outflow could be reduced as other ETF providers are actively increasing their Bitcoin holdings in their portfolios.</p> 
<h2 class="wp-block-heading" id="h-grayscale-moves-total-83-million-in-btc">Grayscale Moves Total $83 Million In BTC</h2> 
<p>Bitcoin initiated a notable rally yesterday, climbing to $45,000 for the first time in a month. The next 12 hours maintained a positive trajectory, sending the cryptocurrency to surpass $47,000, marking another monthly high. This rapid increase in Bitcoin’s value resulted in the liquidation of positions, amounting to over $155 million.</p> 
<p>Amidst an exponential surge in BTC’s price, Grayscale has acted strategically by reallocating positions worth approximately $83 million, with $41 million in BTC being transferred to Coinbase for sale.</p> 
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<p>This action contributed to a $1,000 fluctuation in Bitcoin’s price around the $47K mark. Notably, Bitcoin’s price saw a liquidation of $8.2 million in the last hour, with the majority being buyers’ liquidations, totaling about $5.2 million. Concurrently, BTC’s price is undergoing a correction, falling below $47K.</p> 
<p>Concerns are rising over potential further outflows from GBTC in the coming days, as traders set their sights on a short-term target of $50,000. The outflow from Grayscale’s Bitcoin ETF could intensify as companies facing bankruptcy liquidate their holdings and the fund loses its edge in liquidity compared to its competitors.</p> 
<p>Genesis is set to request permission from the court of the Southern District of New York to sell off approximately $1.6 billion worth of GBTC shares held by Grayscale. This move comes after FTX redeemed nearly $1 billion from the same fund in January.</p> 
<p>Since its transition to an ETF on January 11, Grayscale’s GBTC has seen liquidation of over $6 billion.</p> 
<h2 class="wp-block-heading" id="h-will-this-impact-btc-price">Will This Impact BTC Price?</h2> 
<p>Grayscale’s dominance came to an end on Feb. 1 when BlackRock’s iShares Bitcoin Trust (IBIT) and ProShares’ Bitcoin Strategy ETF (BITO) became the first of the nine ETFs to surpass GBTC’s trading volume.</p> 
<p>As Grayscale proceeds with the reduction of their GBTC holdings, other ETF providers are actively adding Bitcoin to their portfolios, maintaining the overall netflow in positive territory.</p> 
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   <p lang="en" dir="ltr">Today's <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> Sent to out by <a href="https://twitter.com/search?q=%24GBTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$GBTC</a>/Grayscale comes out to be ~1.7K <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> or ~$83M worth.<br><br>Big decrease and one of the lowest yet.<br><br>Yesterday's ETF net flows saw a huge +$405M increase.<br><br>That makes 10 consecutive positive days of net inflows. <a href="https://t.co/wXWdZLOSv3">https://t.co/wXWdZLOSv3</a> <a href="https://t.co/9MlEBWxhGw">pic.twitter.com/9MlEBWxhGw</a></p>— Daan Crypto Trades (@DaanCrypto) <a href="https://twitter.com/DaanCrypto/status/1755960608648769764?ref_src=twsrc%5Etfw">February 9, 2024</a>
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<p>The amount of Bitcoin sent out by Grayscale’s GBTC totals approximately 1.7K BTC, valued at around $83 million. This marks one of the lowest figures to date.</p> 
<p>Contrastingly, netflows into ETFs experienced a substantial surge, with an increase of $405 million. This continues a streak of 10 consecutive days with positive net inflows.</p> 
<p>Should significant inflows continue and the netflow stays positive, Bitcoin may avoid big price corrections. Nonetheless, any such corrections could trigger holders to engage in panic selling.</p>

Grayscale Sells $41M In Bitcoin Amid BTC’s $47K Struggle: Impact On Bull Run?

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