Many had anticipated a price boost and moved their addresses to centralized exchanges, suggesting possible selling pressure. However, data from crypto analytics firm Santiment showed high inflows and outflows alongside higher than usual mean levels – an indication that derivatives and offshore exchanges may be influencing market dynamics.
Even more telling, a few days before the outcome of the Grayscale-SEC lawsuit announcement was revealed, data showed wallets holding 10,000 to 100,000 BTC had impacted the market significantly, with an affecting accumulation of $388.3 million.
Such an demonstration had a rendering outcome on Grayscale’s Bitcoin Trust (GBTC), a lucrative yet innately volatile OTC Bitcoin fund with over $14 billion active assets, reducing its previously existing generous discounts heightened by SEC litigation and credit concerns at around $20.56. Some analysts proposed that the SEC implement measures to cripple the trend by targeting crypto custodians and their existing security measures.
To conclude, the crypto market is increasingly evolving due to Grayscale’s legal victory, and the repercussion of the SEC’s stance and accompanying decisions will surely be monitored with proficient curiosity for its intersection with traditional financial markets.
