The hail of bitcoin buying could be set to continue, with the flows into the Spot Bitcoin ETFs expected to be maintained or even increase, and the selling out of the Grayscale Bitcoin Trust (GBTC) looking to dry up.
Last Friday was a big day for selling out of the Grayscale Bitcoin Trust (GBTC), with $608 million in BTC sold over the day. However, this did not make a dent in the price of BTC, as Black Rock’s IBIT fund redressed the balance with an inflow of $680 million. The bitcoin price went sideways over the weekend and then broke out of its triangle on Sunday, starting to head in a northerly direction once again.
The all-time-high could even be reached by the end of this week, given that the king of the cryptocurrencies is currently trading at around $65,000.
The Digital Currency Group (DCG) selling ($1.3 billion), which accounts for much of the Grayscale outflow, should very soon be exhausted. Once this comes to pass this week, we can potentially return to the same massive daily inflows as before.
On the subject of strong inflows, the enigmatically named “Mr 100” appears to have paused his buying on Friday. This is the first day since November of 2022 that this wallet address has failed to buy its customary amount of BTC. This amount is hardly chicken feed, with the modus operandi of Mr 100 generally having him buying three chunks every day, each one very close to 100 BTC, on a 24/7 basis.
Much speculation abounds on social media over who Mr 100 might be. Some say he could even be a nation-state, and this could be in the form of a sovereign wealth fund. That said, most of the buying from this particular wallet takes place during the Asian session, and some are pointing the finger at one of the big Asian exchanges.
Retail Generally Absent From Crypto Market So Far
Amidst all this buying, mainly from institutions, it does seem such a shame that retail is mainly absent from the market so far. The likes of Jamie Dimon and his banking pals have strewn enough misinformation across the mainstream media to scare retail off for now.
As usual, the herd will probably come back at the top of the market, and the institutions will be able to sell their bags back into the dumb money, ready to rinse and repeat next time. All the while, the UK government, with the help of the banks, continues to cut its citizens off from nearly all exchanges from where they used to be able to buy bitcoin. The world is not a fair place.
Educate yourself on bitcoin and what the monetary system is really doing to you while you still can.
BitminerFactory is brought to life by Darrell Houghton, our astute publisher. With a deep-rooted passion for crypto and crypto mining spanning many years, Darrell’s unwavering enthusiasm fuels his daily quest for knowledge. He is eager to share the pivotal news stories of the day while also providing his own analysis and commentary with Bitminer Factory’s readers.
Source: Cryptodaily
