Grayscale's selling pressure is actually a very normal situation. After GBTC was converted into ETF, it is normal to be locked up for a long time and take profits. However, let's be honest, there is no need to imagine too much. Most of the holders of GBTC are long-term investors. If not, then the exit of Grayscale holders would not be now. The highest price of this round was around 49,000, and the lowest price today was around 41,000. During this period, Grayscale's negative premium was 6.25%. Most of the investors who invested in Grayscale GBTC belong to institutional consortiums or large funds. Their investment logic is not the same as that of leeks, selling at high levels and buying at bottoms in stages. (Learn from Microstrategy) Most of the holders will not make profits in the future when they are optimistic about the trend. Similarly, if this price needs to be settled, it will not be after the ETF is passed, but before, because the simplest point is that the price of the pie above 45,000 is not one or two days, but there are many opportunities. Leave the market when you can see the future clearly, which is not in line with the investment operation of the old Americans (learn from the US stock market). So what is the reason for the current pullback? I always feel that the banker has a sum of money on hand, which is not used for investment, but used as a market stirrer. When the news comes, the market will be pulled up! When the bad news comes, the market will be smashed! The holders of the big pie are now mostly in the hands of big investors, and there are very few big pie in the hands of leeks. So, the pullback of the big pie can only be caused by this stirrer! The good news has become bad news, the ETF of BTC has passed, there is no story to tell... and so on. What is the purpose of this? It is to make the short positions continue to wait, to make the holders throw away their chips, and to make the fence-sitters who have boarded the car in the near future throw away their armor and weapons. Isn't this obvious? This is a bull market, not a bear market. Afterwards, they will still get back on the car and take over the high position again. The market will not let you know clearly what the future will be like, but it will lead you further and further away from the track. When you realize it too late, you can only short-term, you can only look for low-priced things and expect a rebound, and finally, keep rotating, imagining that you are selling high and buying low. This is the direction the market makers want the market leeks to go!The approval of ETF means that there will be a steady flow of funds into this circle. 11 institutions own the spot ETF at the same time. You say, these institutions have been doing it for so long, just to cut your leeks for 49,000? Don't take your own trifles so seriously... It's really unnecessary! The approval of this ETF is a milestone. Funds are entering the market. There is unlimited imagination in the future. The bear market is a bear market, and the bull market is a bull market. If the thinking has not changed, then the ending is doomed!
