Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
  • TRADE
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
  • TRADE
Crypto Flexs
Home»BITCOIN NEWS»FTX sells $1 billion worth of GBTC stock. Will Bitcoin Rally Be “Violent”?
BITCOIN NEWS

FTX sells $1 billion worth of GBTC stock. Will Bitcoin Rally Be “Violent”?

By Crypto FlexsJanuary 24, 20243 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
FTX sells  billion worth of GBTC stock.  Will Bitcoin Rally Be “Violent”?
Share
Facebook Twitter LinkedIn Pinterest Email

Investor and cryptocurrency analyst Fred Krueger said: predict A “vicious” Bitcoin (BTC) rally is coming soon. He cited the recent unprecedented accumulation of coins by Wall Street heavyweights.

This surge in institutional interest coincides with the recent approval of the first spot Bitcoin ETF by the U.S. Securities and Exchange Commission (SEC).

Wall Street Increases Bitcoin Purchases

In a post on To illustrate, the analyst noted that Fidelity is purchasing approximately 4,000 BTC daily.

Related Read: Bitcoin Goes to the Doctor: 5 Key Indicators for BTC in 2024

On the other hand, Krueger says Ark is consuming over 1,500 BTC every day. BlackRock, the world’s largest asset management company, has not yet disclosed its Bitcoin holdings. However, looking at the accumulation rates of Ark Investment and Fidelity Investment, it is highly likely that BlackRock will purchase coins at a faster rate. Lookonchain data to date location BlackRock’s IBIT BTC holdings are over 44,000.

ETF fund buying BTC | Source: Lookonchain

Rather, the rate at which these Wall Street institutions are doubling Bitcoin is net bullish for the price. BTC demand remains high, especially more than a week after the US SEC approved the first branch of the Bitcoin ETF. Their consistent buying suggests that institutions are optimistic about Bitcoin’s potential.

It takes less than three months for BTC accumulation to accelerate, causing the network to halve miner rewards. The Bitcoin halving event in early April saw miner rewards reduced from 6.25 BTC to 3.125 BTC. If past price performance is any guide, the resulting supply shock could trigger another wave of highs and even push prices above $69,000, the 2021 high.

BTC Falls, FTX Unloads Millions of GBTC Stocks

Even amidst overall optimism, BTC is still struggling. Just days after the spot Bitcoin ETF was approved, BTC has been on a downward slide, posting double-digit losses. It briefly fell below $40,000 on January 23 before recovering to the spot rate.

Bitcoin price is showing a downward trend on the daily chart |  Source: BTCUSDT on Binance, TradingView
Bitcoin price is showing a downward trend on the daily chart | Source: BTCUSDT on Binance, TradingView

Analysts have pinned the sale on defunct cryptocurrency exchange FTX, which sold about $1 billion worth of Grayscale Bitcoin Trust (GBTC). As FTX Assets sells GBTC stakes, the price is expected to stabilize as intrinsic selling events ease and institutions purchase more BTC at spot prices.

Observers also note that GBTC outflows have matched or exceeded a surge in inflows into other funds, primarily BlackRock’s ETF products.

Featured image from Canva, chart from TradingView

Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Sequans starts $ 384M Bitcoin Treasury Initiative with Swan Bitcoin Partnership.

June 23, 2025

ECB Chairman Lagarde aims to seize the global order to strengthen the Euro’s global position.

June 17, 2025

Bitcoin aims for $ 115K after US CPI data prefers investors.

June 11, 2025
Add A Comment

Comments are closed.

Recent Posts

Checkpoint #4: Berlinterop | Ether Leeum Foundation Blog

June 28, 2025

TRON Price Propects USDT supply exceeded $ 80 billion

June 28, 2025

Stablecoin startups surpass 2021 venture capital peaks as institutional money spills.

June 28, 2025

No Altcoin Season 2025 ? Why Bitcoin Dominance Is Holding Strong In The Crypto Market

June 28, 2025

Why It Matters For Every Crypto Investor

June 27, 2025

Why It Matters For Every Crypto Investor

June 27, 2025

Safe smart account audit summary

June 27, 2025

CARV’s New Roadmap Signals Next Wave Of Web3 AI

June 27, 2025

CARV’s New Roadmap Signals Next Wave Of Web3 AI

June 27, 2025

Bybit Expands Global Reach With Credit Card Crypto Purchases In 25+ Currencies And Cashback Rewards

June 27, 2025

BYDFi Joins Seoul Meta Week 2025, Advancing Web3 Vision And South Korea Strategy

June 27, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

Checkpoint #4: Berlinterop | Ether Leeum Foundation Blog

June 28, 2025

TRON Price Propects USDT supply exceeded $ 80 billion

June 28, 2025

Stablecoin startups surpass 2021 venture capital peaks as institutional money spills.

June 28, 2025
Most Popular

Hong Kong may allow staking for spot Ethereum ETFs starting this year: Animoca co-founder

June 7, 2024

Institutional Crypto Products Continue to Receive Inflows Despite Market Selloff: CoinShares

December 24, 2024

Celsius, Tether, Badger DAO, Compound, Netanyahu’s Nephew File Lawsuits

August 10, 2024
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.