Grayscale's constant sell-off is unlikely to stop, but Bitcoin is struggling to stop falling

From the perspective of Grayscale's past performance, 32 is the watershed between bulls and bears

So in the short term, Grayscale's ETF will continue to fall, but it will not affect Bitcoin's shock absorption

It's still the same theory that Grayscale's shipments in recent rounds include those who have cashed out at a high level, those who were trapped at a high level in the early stage, those who cleared FTX assets, and those who switched to other ETFs because they believed Grayscale's management fee was too high.

The biggest negative factor at the moment is whether Grayscale's capital is flowing out of the market or switching from this basket to another

The market's pessimism about Grayscale has indirectly led to Bitcoin's inability to rise, or in other words, the two are common