Grayscale shareholders capitalized on the massive bitcoin pump last week, leading to an unprecedented outflow from the fund. Despite this record withdrawal, BTC continued to trade above $60K, underscoring the robust demand for the cryptocurrency.
The situation was somewhat mitigated by substantial purchases of Blackrock shares amounting to $603.9M, which helped stabilize the market dynamics.
However, the market is braced for a pivotal moment reminiscent of receiving a long-awaited salary notification. Today, there’s anticipation around Arkham’s notification of transferring 10K BTC from Grayscale wallets to Coinbase. Whether these bitcoins will hit the order books today or be absorbed by a stronger influx of buyers from the remaining 9 BTC ETF funds will likely set the tone for the market this weekend.
In positive news, Tim Buckley of Vanguard will retire by the end of the year. Speculation in the crypto-twitter community suggests Buckley’s departure was due to criticism from the head of the company, which manages $9 trillion in client assets, over Vanguard’s blockade of client access to purchasing BTC ETFs.
This narrative highlights the evolving landscape of institutional investment in cryptocurrencies, with significant movements and decisions shaping market sentiments and future trends. The dynamic interplay between outflows, institutional purchases, and key personnel changes underscores the complex and multifaceted nature of the cryptocurrency market.