web3.0Bitcoin Bulls Have Successfully Absorbed A Selling Pressure Of Around 1.2 Million BTC So Far This YearBitcoin Bulls Have Successfully Absorbed A Selling Pressure Of Around 1.2 Million BTC So Far This Year
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Bitcoin’s resilience in the face of relentless selling pressure is a testament to its strength and the growing institutional interest in the world’s biggest cryptocurrency. Despite Grayscale liquidations, government sales, and exchange bankruptcies, BTC is still trading at a high price handle.
The Grayscale Bitcoin Trust ETF (NYSEARCA:GBTC) has been a major focus of attention, with the trust seeing outflows of over 600,000 BTC in the past year. This follows Grayscale's decision to begin offering daily redemptions for its shares, a move that has seen the trust's premium over spot BTC evaporate.
However, Grayscale is still facing legal challenges from the Securities and Exchange Commission (SEC) over its application to convert GBTC into a spot Bitcoin ETF. The SEC has so far declined to approve any applications for a physical-backed Bitcoin ETF, arguing that the cryptocurrency markets are still too susceptible to manipulation.
Despite the government sales and the exchange bankruptcies, several bullish factors are still converging for Bitcoin. Spot Bitcoin ETFs, which are now available in the US, are continuing to absorb selling pressure from other sources. Moreover, institutional adoption of Bitcoin is showing no signs of slowing down.
Finally, we note that the Federal Reserve is now widely expected to begin cutting the benchmark interest rate in September. This will only add further strength to Bitcoin’s tailwinds, given the cryptocurrency’s close correlation with global excess liquidity.
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