It can be clearly seen from the rebound of Bitcoin yesterday that the number of tokens transferred from Grayscale to Coinbase has decreased, which has an obvious impact on market sentiment.
The number of tokens transferred by Grayscale yesterday was 17,000, and this part of the selling was absorbed by other institutions in the market. Yesterday's accumulation of holdings by institutions such as BlackRock and Fidelity completely offset Grayscale's selling.
Although the tokens transferred by Grayscale were due to T+1 calculation issues in the trading mechanism, there was still a significant decrease in the number of sales after FTX completed its cash-out.
We'll continue to look at the data tonight. At the same time, the current price of Bitcoin has rebounded, the market’s bottom-buying sentiment has been boosted, and the long-short game around 38,000-40,000. Although it was a victory for many parties yesterday, pushing the price of Bitcoin to rebound to around 40,000, from a technical point of view, it is still not effective. Breaking through the daily pressure, we will analyze the market later and evaluate the market rebound as a whole.
