Are you bothered by the fact that Genesis will sell $1.3B worth of BTC?
Do you think this event will have a negative impact on BTC's price increase?
Have you updated your BTC investment strategy because of this event?
I expect that ETFs providers will continue to have large and continuously increasing net inflows like the past 4 days, averaging $450M per day. This will be a necessary condition for all of Genesis's BTC to be absorbed and not have a negative impact on BTC price. Personally, I'm worried that this selling pressure from Genesis could push BTC into the 0.6178 ~ $39K Fibo zone again before BTC recovers and breaks through $69K.
Grayscale Bitcoin Trust sure is one of the largest holders of Bitcoin and liquidating such shares could have a very significant impact on the price of Bitcoin because it's gonna cause a panic sell off which will result to driving down the price even lower. Trust me, this is really going to shake the price of Bitcoin because it'll instill panic in a lot of investors and possibly make them question their confidence in Bitcoin.Genesis' approval to sell its shares in Grayscale's various trusts represents a significant step in its efforts to pay creditors and navigate bankruptcy proceedings. This is just a problem of one computer, even if it has a huge influence on the Bitcoin market. But this is not a Bitcoin problem. We constantly see the ups and downs of large companies and monitor market fluctuations because of this, but as always, such situations are temporary and do not pose a threat on a global scale.
But on second thought, this one slice of the pizza, and we can't really tell what level of impact this might cause to the price of Bitcoin so let's just watch.
It is certain that this sale will have a negative impact on the market. These are large quantities that, if pumped at once, will cause a significant decline in the price. Therefore, it is logical for the sale to be in batches and for ETF companies to absorb these quantities because the price decline is not in their interest.We probably don't need to worry about this anymore as BTC price has reached 60K USD, the uptrend has begun and just over 1B USD from Genesis is not a problem with extremely high liquidity in the BTC Spot market ETF. New investors have come to buy Spot ETF and BTC on the Spot market. I even believe that Genesis is temporarily holding GBTC to wait for the opportunity to sell at a higher price in the future. We should focus on new ATH, not the correction for BTC price!
As for speculators, they should be very careful in the coming days and change their strategy before they get big losses, although I hope they do not because if they decide to sell before the expected decline, this will cause a more sharp decline due to selling pressure.
As for the long-term investor, I do not expect that there will be any problem because these waves will be absorbed and overcome in the long term and Bitcoin will continue its way to the top.
We probably don't need to worry about this anymore as BTC price has reached 60K USD, the uptrend has begun and just over 1B USD from Genesis is not a problem with extremely high liquidity in the BTC Spot market ETF. New investors have come to buy Spot ETF and BTC on the Spot market. I even believe that Genesis is temporarily holding GBTC to wait for the opportunity to sell at a higher price in the future. We should focus on new ATH, not the correction for BTC price!
Are you bothered by the fact that Genesis will sell $1.3B worth of BTC? Do you think this event will have a negative impact on BTC's price increase? Have you updated your BTC investment strategy because of this event?I was not aware of this news till now, thanks for it and for the details also, as I did hear about FTX selling and you did a great thing by comparing this selling with that one. It gives a clear idea about the market. Genesis mentions somewhere when they are going to sell these $1.3 billion worth of BTC or they already did that. Considering the date of the post and the date of my reply I can say they might have started to sell them.
Personally, I'm worried that this selling pressure from Genesis could push BTC into the 0.6178 ~ $39K Fibo zone again before BTC recovers and breaks through $69K.
Have you updated your BTC investment strategy because of this event?
~A few days ago, Genesis may have postponed selling GBTC to wait for a better price range. Today GBTC selling increased again, I guess this is the return of Genesis and they can earn more than $1.3B. If they have such a good selling plan to sell at the best price range, I believe that BTC price will not fall too deeply. Instead, BTC price may just move sideways and re-accumulate for a stronger growth post-halving.
And they must be making more profit on that $1.3B as the price has increased from that point. I might change my strategy but as a holder, this doesn't affect me much so I think I am good to go, although after seeing the market going up and down, sometimes I think I should have booked some profit and then take reentry again but lazy enough to not do that and when the time passes I regret (hehe).
A few days ago, Genesis may have postponed selling GBTC to wait for a better price range. Today GBTC selling increased again, I guess this is the return of Genesis and they can earn more than $1.3B. If they have such a good selling plan to sell at the best price range, I believe that BTC price will not fall too deeply. Instead, BTC price may just move sideways and re-accumulate for a stronger growth post-halving.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.
From where did you get information about this information about postponement?
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.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.
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.
It's market data as you can watch the outflows from GBTC and corelate them with the other two major ones IBIT and FTBC.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.
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!
It's market data as you can watch the outflows from GBTC and corelate them with the other two major ones IBIT and FTBC.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.
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!
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.
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 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.
I wonder if we will ever get a confirmation.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 ^^
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 ;D
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.