Impact of Genesis selling $1.3B worth of BTC

[TopT3ns]

From where did you get information about this information about postponement? As I am still quite late to reply to this reply of yours also. But I would say they should not be selling their funds now, but it is what it is, what they can do if they are bankrupted. But JoyMarsha says otherwise. He/she said, they will invest the money back into crypto.

Then what's the purpose of it selling in the first place? I mean if they are selling now, and buying again, then what's the catch here. Well, in either case, I don't think market is going to be disturbed that much, and as we know there are other selling are also going to take place in this year.

I think the initial aim of selling is to make a profit, whereas when buying again it has a different meaning, maybe they will buy again but don't mention at what price they buy, it could be that they buy and wait until the price collapses and buy at a cheap price because no one knows what strategy they use.

[MrSpasybo]

It's market data as you can watch the outflows from GBTC and corelate them with the other two major ones IBIT and FTBC.
If there are large movements in just one for example GBTC going down a lot but the others not compensating there is selling pressure outside conversions, if suddenly the exodus from GBTC raises by 200 but so does the inflow in others then there is movement between!
Of course it's speculation since nobody would be allowed to actually release customers data to make sure what we see it what we think bu tyou can draw a pretty close to reality pictures based on that.

That being said, on March 3rd we had a net outflow for the first time, with outflows from GBTC being double the inflows of the others , so that might have been a day of pulling out, but still it's one day later than MrSpasybo's post!

We cannot know for sure what will happen until Genesis officially announces that they will sell or have sold out. We can only follow the data on BTC Spot ETF every day to make an assessment. I think that is also part of what makes this market exciting.

This topic was created when the court allowed Genesis to sell their GBTC to compensate customers. So I think Genesis can only start planning to liquidate GBTC at the best possible price after that. I'm still waiting for Genesis's GBTC selling confirmation. It would be great if they had already sold and the BTC price continues to increase.

[Mr. Magkaisa]

It's market data as you can watch the outflows from GBTC and corelate them with the other two major ones IBIT and FTBC.
If there are large movements in just one for example GBTC going down a lot but the others not compensating there is selling pressure outside conversions, if suddenly the exodus from GBTC raises by 200 but so does the inflow in others then there is movement between!
Of course it's speculation since nobody would be allowed to actually release customers data to make sure what we see it what we think bu tyou can draw a pretty close to reality pictures based on that.

That being said, on March 3rd we had a net outflow for the first time, with outflows from GBTC being double the inflows of the others , so that might have been a day of pulling out, but still it's one day later than MrSpasybo's post!

We cannot know for sure what will happen until Genesis officially announces that they will sell or have sold out. We can only follow the data on BTC Spot ETF every day to make an assessment. I think that is also part of what makes this market exciting.

This topic was created when the court allowed Genesis to sell their GBTC to compensate customers. So I think Genesis can only start planning to liquidate GBTC at the best possible price after that. I'm still waiting for Genesis's GBTC selling confirmation. It would be great if they had already sold and the BTC price continues to increase.

        -    Right now they don't even have confirmation on that matter because I know that the latest update from them is this https://www.bloomberg.com/news/articles/2024-02-02/grayscale-s-gbtc-once -double-digit-bitcoin-fund-discount-has-closed-etf But anyway, whatever the Gbtc will do, that's what we'll be waiting for in that matter.

So for now, all we can do is wait to see what their next step is in what we are talking about, because right now it seems like they are still debating whether to sell Bitcoin or not, the situation seems to be going back and forth.

[Stompix]

We cannot know for sure what will happen until Genesis officially announces that they will sell or have sold out. We can only follow the data on BTC Spot ETF every day to make an assessment. I think that is also part of what makes this market exciting.

I wonder if we will ever get a confirmation.
Genesis is a subsidiary of DCG, since it's a private venture fund it's not forced to disclose its finances other than if investors ask for them, and even so it can tell only the story about the finances of the group, their last report for example purposely left out Genesis from the financial summary.

So we might never know when they sold, if they did so if they just transferred ownership and etc etc.

But even so, I doubt both them and their creditors are going to do something stupid to cause a serious dump. Or at least I hope!

[Faisal2202]

I think the initial aim of selling is to make a profit, whereas when buying again it has a different meaning, maybe they will buy again but don't mention at what price they buy, it could be that they buy and wait until the price collapses and buy at a cheap price because no one knows what strategy they use.

That's an obvious thing, well, considering the timestamp of my reply and yours, I must say they might have booked the profit and might have taken an entry as well. Because BTC touches $74k and then takes a huge leap back to $66k which is a big gap. And booking at $74k and buying back at $66k is a good move and will make one a good amount of profit as well.

Actually, I was concerned more about the fact that if one company is bankrupting it means they have to sell funds to manage debts, etc. So for that, they will be selling when the price will be high, which also means they are not going to get all the funds in their hands, but only some amount from which they can buy back. Fill me in if I am missing any information here.

[MrSpasybo]

I wonder if we will ever get a confirmation.
Genesis is a subsidiary of DCG, since it's a private venture fund it's not forced to disclose its finances other than if investors ask for them, and even so it can tell only the story about the finances of the group, their last report for example purposely left out Genesis from the financial summary.

So we might never know when they sold, if they did so if they just transferred ownership and etc etc.

But even so, I doubt both them and their creditors are going to do something stupid to cause a serious dump. Or at least I hope!

We will wait and see. I hope that when Genesis users receive their compensation, we will know more about the source of that money. I wouldn't be surprised if Genesis announced that they had sold or transferred the $1.3B GBTC, and I also believe that Genesis has sold some or all of their GBTC, or this week BTC was down to $61K is also the result of Genesis selling pressure in the past few days ^^

Interesting things await us ahead, when we receive news and come back to explain to understand the cause of past price movements 

[Wiseman]

We will wait and see. I hope that when Genesis users receive their compensation, we will know more about the source of that money. I wouldn't be surprised if Genesis announced that they had sold or transferred the $1.3B GBTC, and I also believe that Genesis has sold some or all of their GBTC, or this week BTC was down to $61K is also the result of Genesis selling pressure in the past few days ^^

Interesting things await us ahead, when we receive news and come back to explain to understand the cause of past price movements 

Judging by the trading volumes of Bitcoin, I would not be surprised that all these Bitcoins from Genesis have already been sold and as a result, of course, this is a fall in the market, in which they can buy it back, I think this is exactly how large Bitcoin holders work, they sell it there is a strong movement and then they buy it back.

[MrSpasybo]

Judging by the trading volumes of Bitcoin, I would not be surprised that all these Bitcoins from Genesis have already been sold and as a result, of course, this is a fall in the market, in which they can buy it back, I think this is exactly how large Bitcoin holders work, they sell it there is a strong movement and then they buy it back.

When someone sells, there is always a buyer to ensure that the sell order is executed, meaning that someone can still absorb the selling pressure in the market. Over the past week, we have witnessed net outflows of BTC Spot ETFs, which could be a signal of selling by Genesis or some whales.

Based on onchain data and heatmap, we can see that whales have also been actively accumulating BTC over the past week. We cannot guess their exact plan, but it is clear that they are not yet satisfied with the profits and will continue to pump BTC price to a new high to trigger bullrun and altseason!