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Bitcoin Whales Made Huge Profits on Grayscale-SEC Decision, Here's What Happened

Wed, 08/30/2023 - 16:04
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Yuri Molchan
Recent report states that large Bitcoin holders may have known something about the upcoming court decision on the Grayscale case against the SEC
Bitcoin Whales Made Huge Profits on Grayscale-SEC Decision, Here's What Happened
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Santiment on-chain data company has shared data that certain Bitcoin whales and sharks may have been aware of the possible outcome in the legal suit between Grayscale and the US securities regulator SEC.

After that, they increased their profits substantially. 

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Whales and sharks grab more Bitcoin – in advance

Santiment believes that certain owners of large cryptocurrency wallets (known as sharks and whales and holding between 10 and 10,000 BTC) accumulated $388.3 million worth of Bitcoin in total within a day before the court announced the decision on the legal argument between Grayscale and the SEC.

These holders got an extra profit of a 6% price surge on the Bitcoin they quickly bought. They “may have known a thing or two” about the possible outcome of the case, Santiment tweeted, suggesting that those traders could have access to insider information. In light of the news about Grayscale winning against the SEC, Bitcoin recovered the $27,000 price level. However, this victory does not ensure that the company’s Bitcoin Trust will be converted into a spot ETF – the SEC will now have to give it proper consideration.

“Bitcoin $30,000 may be new $12,000”, Bloomberg expert

In a recent tweet, chief commodity strategist of Bloomberg Intelligence Mike McGlone stated that he believes $30,000 may have turned into the new $12,000 for the world’s flagship cryptocurrency Bitcoin.

McGlone stated that he believes a Bitcoin spot ETF approval is inevitable and it is drawing nearer despite all the delays made by the SEC agency. Still, he says, the main barrier for Bitcoin’s further rise – “the elephant in the room” – is still the US Fed Reserve continuing its tightening monetary policy.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at