Grayscale is selling, BlackRock is buying, why is $BTC falling?

1. There are two main reasons why Grayscale sells coins. One is institutional redemption, and the other is arbitrage.

2. After converting GBTC to ETF, you have to return US dollars to others when redeeming it. Therefore, Grayscale has been selling coins non-stop recently.

3. It turns out that there is only one Grayscale GBTC fund on the market, and it is at a premium, so many institutions bought GBTC, including Sister Mu’s Ark Invest.

4. ETF shares cannot be directly converted, so Sister Mu will sell the GBTC in her hand and deposit the money into her own ETF.

5. Other institutions see that the newly approved ETF management fees are only 1/5 of Grayscale, or even lower, and BlackRock is safer than Grayscale, so some institutions want to change positions.

6. There was still some hot money at the beginning, so I bought it when GBTC had a serious negative premium. Now that GBTC has been successfully converted to ETF and has gone up, I am now ready to sell it and take profits.

7. BlackRock’s BTCETF will not all raise funds for the purchase of BTC spot. Some of them will also be used to purchase some financial instruments, but it should be a small part.

8. When the ETF is listed for trading, the funds raised will not be used to buy BTC immediately. It will take at least 1-2 working days, depending on the procedure and the timing of the purchase.

#内容挖矿 #BTC!💰 #BTCETF #Grayscale

If this continues, do you think BTC will fall below 30,000?