{"id":23180,"date":"2023-08-30T16:04:49","date_gmt":"2023-08-30T16:04:49","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/bitcoin-whales-bought-388m-of-btc-just-before-the-grayscale-news\/"},"modified":"2023-08-30T16:04:49","modified_gmt":"2023-08-30T16:04:49","slug":"bitcoin-whales-bought-388m-of-btc-just-before-the-grayscale-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/bitcoin-whales-bought-388m-of-btc-just-before-the-grayscale-news\/","title":{"rendered":"Bitcoin whales bought $388M of BTC just before the Grayscale news"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/04\/1682098865731-ae4efc64-128f-4807-b698-21e7e6dcb2bc-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/04\/1682098865731-ae4efc64-128f-4807-b698-21e7e6dcb2bc-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/04\/1682098865731-ae4efc64-128f-4807-b698-21e7e6dcb2bc-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/04\/1682098865731-ae4efc64-128f-4807-b698-21e7e6dcb2bc-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/div>\n<ul>\n<li dir=\"ltr\">Bitcoin price rose sharply on Tuesday, reaching highs of $28k after news of Grayscale\u2019s win against the SEC.\u00a0<\/li>\n<li dir=\"ltr\">Santiment has shared data showing whales and sharks scooped over $388 million in BTC ahead of the news.<\/li>\n<\/ul>\n<p dir=\"ltr\"><a href=\"https:\/\/coinjournal.net\/bitcoin\/\">Bitcoin<\/a> (BTC) whales have <a href=\"https:\/\/coinjournal.net\/news\/btc-spikes-as-bulls-break-28k-analysts-share-predictions\/\">accumulated more and more<\/a> over the past few months, with price dips providing a good buying opportunity. These large BTC holders appear to have rode the impending court decision in the Grayscale vs. US Securities and Exchange Commission (SEC) lawsuit to add to their holdings.<\/p>\n<h2 dir=\"ltr\">Bitcoin whales and sharks buy $388 million in BTC<\/h2>\n<p dir=\"ltr\">Bitcoin price has retreated to around $27,370 at the time of writing on Wednesday, August 30, giving up some of the gains seen on Tuesday when the benchmark cryptocurrency spiked more than 6%.<\/p>\n<p dir=\"ltr\">But even then, market intelligence platform Santiment has highlighted a key on-chain metric involving Bitcoin whales and sharks. Per data from the platform, large holders purchased a total of over $388 million in BTC just prior to the news that Grayscale had scored another landmark win against the SEC.<\/p>\n<p dir=\"ltr\">As crypto reacted with upward action and BTC shot to above $28k, whales and sharks were \u201chandsomely rewarded with a +6% price jump.\u201d<\/p>\n<p dir=\"ltr\">\u201c<em>Whales &amp; sharks may have known a thing or two about the outcome of the #Grayscale and #SEC lawsuit, with 10-10K $BTC wallets accumulating a collective $388.3M in $BTC the day leading up to the news. They were handsomely rewarded with a +6% price jump<\/em>,\u201d Santiment posted on X.<\/p>\n<p dir=\"ltr\">Was there a hint of manipulation here? Earlier, Santiment had retweeted (re-X\u2019d) analyst Ali Martinez\u2019 highlight of the fact that 30k BTC was sent to exchanges just before the Grayscale victory news.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">\ud83d\udcc8 The exchange supply of <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> was boosted significantly just prior to <a href=\"https:\/\/twitter.com\/hashtag\/Grayscale?src=hash&amp;ref_src=twsrc%5Etfw\">#Grayscale<\/a>&#8216;s win over the <a href=\"https:\/\/twitter.com\/hashtag\/SEC?src=hash&amp;ref_src=twsrc%5Etfw\">#SEC<\/a>. It looks quite clear that the powers that be knew of the inevitable boost in <a href=\"https:\/\/twitter.com\/hashtag\/crypto?src=hash&amp;ref_src=twsrc%5Etfw\">#crypto<\/a> market capitalization as a result of this outcome. <a href=\"https:\/\/t.co\/ARsnt7vsRM\">https:\/\/t.co\/ARsnt7vsRM<\/a> <a href=\"https:\/\/t.co\/jFFPwk1CHD\">https:\/\/t.co\/jFFPwk1CHD<\/a><\/p>\n<p>\u2014 Santiment (@santimentfeed) <a href=\"https:\/\/twitter.com\/santimentfeed\/status\/1696600992882757807?ref_src=twsrc%5Etfw\">August 29, 2023<\/a><\/p>\n<\/blockquote>\n<h2 dir=\"ltr\">Bitcoin ETF \u2013 chances of approval up<\/h2>\n<p dir=\"ltr\">In a decision delivered by the DC Circuit court, SEC\u2019s order denying Grayscale\u2019s proposal to convert its GBTC to a <a href=\"https:\/\/coinjournal.net\/news\/tag\/bitcoin-etf\/\">Bitcoin ETF<\/a> was vacated. The court granted the company\u2019s review petition and criticised the SEC for its capriciousness in the treatment of Bitcoin futures and spot ETFs.<\/p>\n<p dir=\"ltr\">Experts have since opined that the court\u2019s ruling raises chances of the US market getting its first spot Bitcoin ETF. One of these is an application by asset management behemoth BlackRock.<\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><a href=\"https:\/\/coinjournal.net\/news\/whales-bought-388m-of-bitcoin-just-before-the-grayscale-sec-news\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News ) Bitcoin price rose sharply on Tuesday, reaching highs of $28k after news of Grayscale\u2019s win against the SEC.\u00a0 Santiment has shared data showing whales and sharks scooped over $388 million in BTC ahead of the news. Bitcoin (BTC) whales have accumulated more and [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":23181,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/23180"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=23180"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/23180\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/23181"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=23180"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=23180"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=23180"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}