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Thousands of Bitcoin (BTC) Acquired by Insiders Just Before Epic Grayscale v. SEC Ruling

Wed, 08/30/2023 - 12:45
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Gamza Khanzadaev
Bitcoin whales load up on thousands of BTC ahead of game-changing Grayscale v. SEC verdict
Thousands of Bitcoin (BTC) Acquired by Insiders Just Before Epic Grayscale v. SEC Ruling
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In a stunning turn of events, insiders appear to have gained a significant edge on the crypto markets, with data from Santiment revealing a remarkable accumulation surge within shark and whale wallets. This noteworthy uptick in accumulation occurred right before the breaking news of the landmark Grayscale v. SEC ruling.

XRP Holders' Lawyer Reacts to Grayscale Win, Says Spot ETF Is Happening

The timing could not have been more precise, as individuals behind wallets containing between 10 and 10,000 BTC amassed a staggering $388.3 million, equivalent to 14,596 BTC, in Bitcoin on the day leading up to the announcement. As a result, this accumulation craze was rewarded handsomely, with Bitcoin's price experiencing a 6% surge, reaching a two-week pinnacle of $28,142 per BTC.

Source: Santiment

As reported by U.Today, Grayscale emerged victorious in a courtroom battle against the SEC, regarding the listing of Bitcoin futures products. The court's decision underscored the regulator's failure to provide a sufficient rationale for approving the futures products while rejecting Grayscale's Spot BTC ETF offering.

Breaking: Bitcoin Price Surges as Grayscale Emerges Victorious Against SEC in ETF Case

The win, however, does not guarantee an immediate green light for Grayscale's conversion of its GBTC trust into a Spot Bitcoin ETF. Instead, it mandates the SEC to reassess its rejection of Grayscale's application. It is worth mentioning that Grayscale's GBTC trust is the largest Bitcoin holder among all funds at the moment with over 600,000 BTC on their balance sheet.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.