We are were so bullish upon BTC ETF approval. We were thinking that ETF approval will attract many investors from the whole world to invest in btc which will increased the demand of buyer and btc will pump above 50k but we are seeing that from the next day of ETF successful approval btc price is dumping continually. At the time of writing this post btc trading around 40400. There is Big support around 40k, If it breaks we might see big dump.
I was also hoping the same that BTC would break $50k even somewhere in my mind I had a feeling that approval of ETF would help BTC to break the ATH target as well, but I was aware that, breaking that target is not an easy task but I was not hoping this result, this all due to the manipulation of billionaire companies.
Today I read news that Grayscale sold 52k btc around 2 billion $ in single week which could be major cause of btc.
You are right this would be a big factor that would have caused BTC to go that down, I have read many articles about ETH, how it is going up and how BTC is going down, all highlights are now shifting to ETH due to its ETF approval results. I don't get one thing who gets the most benefit from this manipulation.
Is this right time to sell ? If not what would be Strategy of Grayscale with current sale?
If you have some BTC in your holding then I don't think its a right time, because even in the most severe cases if BTC dump, it can go near $37k, and I can assume that your buying is way lower than that, and if that's the case then you might not get another opportunity to buy BTC below $35k.