The Grayscale Effect: The Bitcoin Price Has A New Prime Trading Hour
- Introduction of spot Bitcoin ETFs in the US is reshaping crypto trading dynamics. - US spot Bitcoin ETFs saw a total trading volume of nearly $10 billion in the first three days. - Grayscale's GBTC led with a volume of $5.174 billion, followed by IBIT and FBTC. - Investors are shifting from GBTC to more cost-effective spot BTC ETFs due to lower fees. - The cash-redemption process by the SEC causes a temporal gap for investors. - Grayscale's operational characteristics have led to discernible trading patterns. - Outflows of Bitcoin from Grayscale to Coinbase have impacted trading dynamics and price trends. - Grayscale's effect is reshaping prime trading hours for Bitcoin, adding complexity to the market. - Grayscale's selling pressure may continue to impact Bitcoin price until its holdings decrease.
