Short selling energy needs to increase to this extent to see effective declines, but the appearance of selling data will not be without effect; it may just be slower. However, as for how significant the effect will be, that is hard to say. For example, yesterday, BlackRock's net inflow not only offset the $330 million worth of Bitcoin sold by other institutions but also purchased an additional $591 million worth of Bitcoin. I wonder if the 8,282 Bitcoins transferred out by Grayscale last night were from BlackRock? Anyway, with all the transfers back and forth, only professional data platforms can untangle the intricate tracking of these transactions.

Grayscale moved 8,282 bitcoins, was it sold to an unknown institution via OTC? Or is it wallet consolidation? Recently, the only publicly available buyer for such a large amount is MicroStrategy. Could it be that they announce first and then transfer the coins? Or is it really an unknown institution buying so much at once? What do you choose? As long as it doesn't enter the exchange, it's not considered a sell-off. If it's OTC, then it's a future benefit. Perhaps no one remembers that last month CB transferred 8,000 bitcoins to FBTC, and the market continued to decline afterward. However, looking at it today, it seems reasonable again.

1. Grayscale wallet consolidation
2. OTC institution purchase
Which one do you choose?