Grayscale recently moved $90 million worth of BTC on Coinbase.

Since 2021, Grayscale’s actions have had a net negative impact on Bitcoin and the broader crypto market.

In the last cycle, the Grayscale premium turning negative triggered significant institutional bankruptcies.

This cycle, Grayscale continues to be a net seller among Bitcoin ETFs.

Without Grayscale’s selling pressure, Bitcoin could easily be trading above $130K—or even $140K—right now.