Will #Grayscale Sue the #SEC and Flip the #Crypto Market? An Upside Catalyst for #Ethereum?
๐1-11)ย Two months ago, we presented our crypto market structure analysis, which indicated that consolidation was ahead, with downside pressure for Bitcoin (and other cryptocurrencies). Although many claimed that the post-halving period would be bullish, the #Bitcoin ETFs were (indefinitely) buying ten times the mining supply, and Bitcoin prices could only go up. Things are turning out differentlyโ precisely as we expected. Itโs tough to be bearish, but occasionally, this is the right call to make, and we do not shy away from these tough calls.
๐2-11)ย Until the Bitcoin halving on April 20, we had seen approximately $42bn of (liquidity) inflows into crypto markets this year (see chart below). Since the halving, we have seen nearly zero growth in #stablecoin inflows, and Bitcoin futures leverage has been dramatically reduced. Contrary to the bullish tweets about a post-halving rally, crypto users have voted with their money by withdrawing or pausing inflows.
๐3-11)ย Read the full report here: https://mail.10xresearch.co/p/will-grayscale-sue-sec-flip-crypto-market-upside-catalyst-ethereum
