Hello!

Since the approval of the Bitcoin ETFs we've seen Grayscale sell more than half of his position. The clients were moving from their high fees to other ETFs or simply selling their positions.

At the day of the approval, January 10th of 2024, they were hodling 614,000 Bitcoin. This is close to 3% of the total supply!

But now... They only hodl 297,000 Bitcoin! Less than 300,000. It's really good news!
They have been putting a lot of sell pressure daily, and they will continue to do so in the coming days/weeks. But let me say something... They will eventually run out of Bitcoin to sell, that's the beauty of this beast.

See the Grayscale evolution:

Grayscale is the blue position. If we make an objective analysis, we can see that we increased the Bitcoin hodled by the ETFs from 600,000 to 800,000 in 3 months.

That is an amazing milestone.

The bad news

The bad news are that we saw a lot of inflows in the first weeks and they now completely slowed down.
There is a chart that shows this information very precisely:

But I think that this will resume when the Bitcoin price starts to go up again. Humans are not rational animals, we make decisions based on emotions. People will want Bitcoin if the price goes up, nobody wants to buy something that is going down or consolidating.

Hopefully those who are already in will be able to be rewarded for our conviction.
Relax for a while, take a seat and enjoy the journey.

Exciting times will come fast.

I wish you a great weekend.

Posted Using InLeo Alpha