Greyscale just moved another 760 million worth of BTC to Coinbase. With their monster stack of 525k BTC can they prevent a bull market in 2024? Why do they keep selling on Coinbase instead of OTC?
1 min read
If Greyscale’s investors(customers) decided to own 0 GBTC they can literally keep bringing the price down, wait for 40K BTC, sell a billion, bring it down to 35k-30k BTC, wait one week for the price to recover, sell again at 40K.
They can keep doing this for quite a long period of time, this can keep going even after the BTC halving.
There is not enough purchase power to absorb 1 billion worth of BTC sold weekly (at 40k$). That’s literally 21 Billion worth of BTC(525k x 40k). That’s 5 months selling a billion worth of BTC each week at 40k.
I’m also curious why aren’t they selling OTC? Aren’t there some laws for that? Selling spot on Coinbase every time absolutely kills the market. Who has interest to keep BTC low? Are they helping Blackrock and the others to acquire cheap BTC as much as possible? What’s the idea here?
Honestly I feel if Greyscale stopped selling for a month BTC would go 50k + instantly.
What do you guys think about this?
submitted by /u/gen66
[link] [comments]
