{"id":339591,"date":"2023-08-30T17:00:03","date_gmt":"2023-08-30T11:30:03","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=339591"},"modified":"2023-08-30T16:25:24","modified_gmt":"2023-08-30T10:55:24","slug":"how-bitcoin-whales-celebrated-grayscales-victory","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/how-bitcoin-whales-celebrated-grayscales-victory\/","title":{"rendered":"How Bitcoin whales celebrated Grayscale&#8217;s victory"},"content":{"rendered":"<ul>\n<li><em>BTC reclaimed the $27,000 price mark following the court&#8217;s decision in Grayscale&#8217;s case against the SEC.<\/em><\/li>\n<li><em>Prior to the news, some BTC whales had accumulated a significant volume of the leading coin.\u00a0<\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">On 17 August, unexpected violent sell-offs in the Bitcoin [BTC] market sent the king coin\u2019s price below $25,000 for the first time since 20 June. This deleveraging event resulted in the removal of $2.5 billion worth of open interest from the futures markets within a few hours.<\/span><\/p>\n<figure id=\"attachment_339606\" aria-describedby=\"caption-attachment-339606\" style=\"width: 2400px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/03_weeklyperf.png\"><img decoding=\"async\" class=\"size-full wp-image-339606\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/03_weeklyperf.png\" alt=\"\" width=\"2400\" height=\"1382\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/03_weeklyperf.png 2400w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/03_weeklyperf-300x173.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/03_weeklyperf-1024x590.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/03_weeklyperf-768x442.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/03_weeklyperf-1536x884.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/03_weeklyperf-2048x1179.png 2048w\" sizes=\"(max-width: 2400px) 100vw, 2400px\" \/><\/a><figcaption id=\"caption-attachment-339606\" class=\"wp-caption-text\">Source: Glassnode<\/figcaption><\/figure>\n<hr \/>\n<p style=\"text-align: center;\">Read <a href=\"http:\/\/ambcrypto.com\/predictions\/bitcoin-price-prediction\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\">Bitcoin\u2019s [BTC] Price Prediction<\/a> 2023-2024<\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">As sentiment grew poorer, BTC\u2019s price stagnated at $26,000 in the days that followed. On a daily chart, key momentum indicators plunged to two-year lows, suggesting a significant decline in coin accumulation.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, during the intraday trading session on 29 August, BTC price rallied above $27,000, regaining its price point prior to 17 August. This surge in price was a result of increased network activity post Grayscale&#8217;s victory against the Securities and Exchange Commission [SEC].<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">BREAKING: There it is, <a href=\"https:\/\/twitter.com\/Grayscale?ref_src=twsrc%5Etfw\">@Grayscale<\/a> wins their lawsuit against the SEC. DC Circuit court of appeals is vacating SEC&#39;s denial of <a href=\"https:\/\/twitter.com\/search?q=%24GBTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$GBTC<\/a>&#39;s conversion into an ETF. <a href=\"https:\/\/t.co\/gqFvMpmfnm\">pic.twitter.com\/gqFvMpmfnm<\/a><\/p>\n<p>&mdash; James Seyffart (@JSeyff) <a href=\"https:\/\/twitter.com\/JSeyff\/status\/1696530277198393353?ref_src=twsrc%5Etfw\">August 29, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h4><b>A trip down memory lane<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">In October 2021, Grayscale Investments, the world\u2019s largest digital currency asset manager, <\/span><a href=\"https:\/\/www.globenewswire.com\/news-release\/2021\/10\/19\/2316640\/0\/en\/NYSE-Arca-Files-Form-19b-4-to-Convert-Grayscale-Bitcoin-Trust-into-an-ETF.html\"><span style=\"font-weight: 400;\">filed<\/span><\/a><span style=\"font-weight: 400;\"> with the SEC to convert Grayscale Bitcoin Trust (GBTC) into a Bitcoin spot ETF. The firm decided to do so after the regulator greenlighted similar applications made by ProShares, Valkyrie, and VanEck in the same year.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, by June 2022, the SEC <\/span><a href=\"https:\/\/www.sec.gov\/files\/rules\/sro\/nysearca\/2022\/34-95180.pdf\"><span style=\"font-weight: 400;\">denied<\/span><\/a><span style=\"font-weight: 400;\"> Grayscale\u2019s request, citing that the firm\u2019s application did not fulfil its anti-fraud requirements or meet its investor protection standards.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">On the same day, Grayscale <\/span><a href=\"https:\/\/www.docdroid.net\/73OjnW4\/dc-circuit-petition-for-review-as-filed-pdf\"><span style=\"font-weight: 400;\">filed<\/span><\/a><span style=\"font-weight: 400;\"> an appeal with the federal appeals court for the District of Columbia, asking for a review of the agency\u2019s decision. In an <a href=\"http:\/\/ambcrypto.com\/grayscale-files-brief-in-sec-lawsuit-over-spot-bitcoin-etf-rejection\/\">opening brief<\/a> filed in October 2022, the digital currency asset manager argued that, by denying its own application, the SEC had acted \u201carbitrarily and capriciously.\u201d <\/span><\/p>\n<p><span style=\"font-weight: 400;\">This was because it had earlier approved \u201cmaterially similar\u201d Bitcoin futures ETFs, applications filed by <\/span><a href=\"https:\/\/www.sec.gov\/files\/rules\/sro\/nysearca\/2022\/34-94620.pdf\"><span style=\"font-weight: 400;\">Teucrium<\/span><\/a><span style=\"font-weight: 400;\"> and <\/span><a href=\"https:\/\/www.sec.gov\/files\/rules\/sro\/nasdaq\/2022\/34-94853.pdf\"><span style=\"font-weight: 400;\">Valkyrie<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">We\u2019ve filed the opening brief in our lawsuit against the SEC, challenging their decision to deny our application to convert <a href=\"https:\/\/twitter.com\/search?q=%24GBTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$GBTC<\/a> to a spot Bitcoin ETF. <\/p>\n<p>A \u201cbrief\u201d thread:<\/p>\n<p>&mdash; Grayscale (@Grayscale) <a href=\"https:\/\/twitter.com\/Grayscale\/status\/1579989744477671425?ref_src=twsrc%5Etfw\">October 12, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400;\">By December of the same year, the SEC filed its 73-page respondent\u2019s brief. The regulator argued that the ETF applications it had approved only contained futures contracts that traded on the Chicago Mercantile Exchange (CME). <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Grayscale, in its application, failed to proffer arguments in support of the fact that the CME&#8217;s surveillance of futures trading would:<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400;\"> &#8220;Sufficiently detect and deter fraud and manipulation targeting the Bitcoin spot market.\u201d<\/span><\/p><\/blockquote>\n<p><span style=\"font-weight: 400;\">Grayscale <\/span><a href=\"http:\/\/ambcrypto.com\/grayscale-sends-reply-brief-to-sec-in-etf-suit-whats-next\/\"><span style=\"font-weight: 400;\">responded<\/span><\/a><span style=\"font-weight: 400;\"> with a <\/span><a href=\"https:\/\/grayscale.com\/wp-content\/uploads\/2023\/01\/Reply-Brief-01132023.pdf\"><span style=\"font-weight: 400;\">reply brief<\/span><\/a><span style=\"font-weight: 400;\"> on 13 January 2023, wherein it doubled down on its position that the agency failed to justify its different treatment of Bitcoin futures and spot Bitcoin ETFs. The firm added that its denial order was discriminatory and harmful to investors.<\/span><\/p>\n<p>The brief argued:<\/p>\n<blockquote><p><span style=\"font-weight: 400;\">\u201cThere is a 99.9% correlation between prices in the Bitcoin futures market and the spot Bitcoin market.\u201d<\/span><\/p><\/blockquote>\n<p><span style=\"font-weight: 400;\">Also, arguing the SEC exceeded its regulatory powers, Grayscale stated:<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400;\">\u201cThe Commission is not permitted to decide for investors whether certain investments have merit \u2013 yet the Commission has done just that, to the detriment of the investors and potential investors it is charged to protect.\u201d<\/span><\/p><\/blockquote>\n<hr \/>\n<p style=\"text-align: center;\">How much are\u00a01,10,100 BTCs worth today?<\/p>\n<hr \/>\n<h4><b>Victory at last for Grayscale?<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">In a <a href=\"https:\/\/www.docdroid.net\/vrehbKf\/dc-cir-22-1142-01208547571-0-pdf\" target=\"_blank\" rel=\"noopener\">ruling<\/a> delivered on 29 August, the DC Circuit Court of Appeals agreed with Grayscale and asked the SEC to review its decision.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In the court\u2019s <\/span><a href=\"https:\/\/www.docdroid.net\/vrehbKf\/dc-cir-22-1142-01208547571-0-pdf\"><span style=\"font-weight: 400;\">opinion<\/span><\/a>, <span style=\"font-weight: 400;\">which was filed by Judge Neomi Rao of the D.C. Court of Appeals, stated:<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400;\"> \u201cThe Commission\u2019s unexplained discounting of the obvious financial and mathematical relationship between the spot and futures markets falls short of the standard for reasoned decision making.\u201d<\/span><\/p><\/blockquote>\n<h4><b>Bitcoin holders are the biggest winners<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">After the news of the court\u2019s decision broke, BTC\u2019s social activity surged. According to Santiment, the coin\u2019s social volume immediately climbed by 7% as discussion around the leading cryptocurrency soared.\u00a0<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">\ud83d\udcca After the news of <a href=\"https:\/\/twitter.com\/hashtag\/Grayscale?src=hash&amp;ref_src=twsrc%5Etfw\">#Grayscale<\/a>&#39;s victory over the <a href=\"https:\/\/twitter.com\/hashtag\/SEC?src=hash&amp;ref_src=twsrc%5Etfw\">#SEC<\/a> quickly lifted <a href=\"https:\/\/twitter.com\/hashtag\/crypto?src=hash&amp;ref_src=twsrc%5Etfw\">#crypto<\/a> markets, the biggest notable beneficiary actually has turned out to be <a href=\"https:\/\/twitter.com\/hashtag\/BitcoinCash?src=hash&amp;ref_src=twsrc%5Etfw\">#BitcoinCash<\/a>, due to its increased exposure. This phenomenon was similar to what we saw in mid-June when the <a href=\"https:\/\/twitter.com\/hashtag\/ETF?src=hash&amp;ref_src=twsrc%5Etfw\">#ETF<\/a> news was first <a href=\"https:\/\/t.co\/HzEEEqZqIt\">pic.twitter.com\/HzEEEqZqIt<\/a><\/p>\n<p>&mdash; Santiment (@santimentfeed) <a href=\"https:\/\/twitter.com\/santimentfeed\/status\/1696665294108766417?ref_src=twsrc%5Etfw\">August 29, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400;\">A corresponding hike often follows the growth in an asset\u2019s social activity in its price. This has been the case for BTC. Trading at $27,488 at press time, the coin\u2019s value has increased by 6% in the last 24 hours.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">On-chain data provider Santiment also postulated that BTC whales might have been aware of the court\u2019s decision before it was made public. Inasmuch,\u00a0<\/span><span style=\"font-weight: 400;\">BTC&#8217;s whale wallets revealed that addresses holding between 10 and 10,000 BTCs had cumulatively purchased coins worth $388.3 million a day before the news was made public.\u00a0\u00a0\u00a0<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">\ud83d\udc33 Whales &amp; sharks may have known a thing or two about the outcome of the <a href=\"https:\/\/twitter.com\/hashtag\/Grayscale?src=hash&amp;ref_src=twsrc%5Etfw\">#Grayscale<\/a> and <a href=\"https:\/\/twitter.com\/hashtag\/SEC?src=hash&amp;ref_src=twsrc%5Etfw\">#SEC<\/a> lawsuit, with 10-10K <a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BTC<\/a> wallets accumulating a collective $388.3M in <a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BTC<\/a> the day leading up to the news. They were handsomely rewarded with a +6% price jump. <a href=\"https:\/\/t.co\/j28CwVYKS6\">https:\/\/t.co\/j28CwVYKS6<\/a> <a href=\"https:\/\/t.co\/cx5rRuS6IV\">pic.twitter.com\/cx5rRuS6IV<\/a><\/p>\n<p>&mdash; Santiment (@santimentfeed) <a href=\"https:\/\/twitter.com\/santimentfeed\/status\/1696755306745962549?ref_src=twsrc%5Etfw\">August 30, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400;\">When the news broke, and BTC\u2019s price rallied, these investors quickly booked their gains.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin whales are the clear winners in Grayscale&#8217;s recent ruling, but data suggests that they may have been privy to the subsequent price rise.  <\/p>\n","protected":false},"author":64,"featured_media":339633,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[35,360,66,3,4,20],"tags":[],"class_list":["post-339591","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin-news","category-btc-trading-view","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - 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