{"id":569934,"date":"2024-01-17T09:20:16","date_gmt":"2024-01-17T09:20:16","guid":{"rendered":"https:\/\/uniquehot.com\/?p=569934"},"modified":"2024-06-11T14:44:35","modified_gmt":"2024-06-11T14:44:35","slug":"grayscale-effect-bitcoin-price-new-prime-trading-hour","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/grayscale-effect-bitcoin-price-new-prime-trading-hour\/","title":{"rendered":"The Grayscale Effect: The Bitcoin Price Has A New Prime Trading Hour"},"content":{"rendered":"<p>The crypto trading landscape is witnessing a paradigm shift with the recent introduction of spot Bitcoin ETFs in the United States, catalyzing a new wave of trading dynamics. Bloomberg analyst James Seyffart revealed that the total trading volume of the US spot Bitcoin ETFs over a span of the first three days approached the $10 billion mark.<\/p>\n<p>This substantial volume was predominantly led by Grayscale&#8217;s GBTC, with a three-day trading volume amounting to $5.174 billion, followed by BlackRock&#8217;s IBIT at $1.997 billion, and Fidelity\u2019s FBTC at $1.479 billion, cumulating to an aggregate trading volume of approximately $9.771 billion.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Update on the <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#Bitcoin<\/a> ETF Cointucky Derby. The ETFs have traded almost $10 billion total over 3 days. Will have updated flows and assets later tonight or tomorrow morning. <a href=\"https:\/\/t.co\/OnpCshjYJP\" rel=\"nofollow\">pic.twitter.com\/OnpCshjYJP<\/a><\/p>\n<p>&mdash; James Seyffart (@JSeyff) <a href=\"https:\/\/twitter.com\/JSeyff\/status\/66206505?ref_src=twsrc%5Etfw\" rel=\"nofollow\">January 16, 2024<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Despite these impressive figures, Bitcoin&#8217;s price performance has not mirrored the trading volume&#8217;s growth, a <a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-price-stalls-record-etf-day-heres-why\/\" target=\"_blank\" rel=\"noopener \">phenomenon analysts attribute<\/a> to a strategic pivot among Grayscale&#8217;s clientele. Investors are increasingly transitioning their capital from Grayscale&#8217;s GBTC, with its 1.5% annual fee, to more cost-effective spot BTC ETFs, some offering fees as low as 0.25%.<\/p>\n<p>This shift, however, is not seamless due to the cash-redemption process prescribed by the Securities and Exchange Commission (SEC). Consequently, investors find themselves navigating a temporal gap, redeeming cash and reallocating it to other <a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/spot-bitcoin-etfs-8-above-fair-value\/\" target=\"_blank\" rel=\"noopener \">spot BTC ETFs<\/a>, typically a few days later.<\/p>\n<h2>Understanding The Grayscale Effect On Bitcoin Price<\/h2>\n<p>This operational characteristic of Grayscale&#8217;s GBTC, which does not facilitate same-day cash redemptions for BTC and operates on a T+2 or T+1 settlement basis, has given rise to a discernible trading pattern. Alex Thorn, Head of Research at Galaxy, provided insight into this phenomenon, <a href=\"https:\/\/twitter.com\/intangiblecoins\/status\/66368746\" target=\"_blank\" rel=\"noopener nofollow\">stating<\/a>:<\/p>\n<blockquote><p><strong>We&#8217;re seeing significant Bitcoin trading volume now during US hours, particularly between 3-4pm NY now during the ETF fix, escalating into what has lately been a predictable Grayscale dump into the close. The game is evolving.<\/strong><\/p><\/blockquote>\n<p>Echoing this sentiment, Daan Crypto Trades <a href=\"https:\/\/twitter.com\/DaanCrypto\/status\/83808943\" target=\"_blank\" rel=\"noopener nofollow\">observed<\/a> a consistent pattern in Grayscale&#8217;s operations, highlighting, &#8220;Grayscale is sending X amount of Bitcoin to Coinbase ~1 hour before the market opens every trading day. Will be a good indicator to gauge how bad the outflows of GBTC are I think. 4K BTC was sent Friday. <a href=\"https:\/\/uniquehot.com\/bitcoin-news\/grayscale-transfers-almost-12000-btc-to-coinbase-bitcoin-price-reacts\/\" target=\"_blank\" rel=\"noopener \">9K BTC was sent<\/a> [Monday].&#8221;<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/bitcoin-news\/grayscale-transfers-almost-12000-btc-to-coinbase-bitcoin-price-reacts\/\" target=\"_blank\" rel=\"noopener \">Grayscale Transfers Almost 12,000 BTC To Coinbase, Bitcoin Price Reacts<\/a><\/div>\n<p>Further substantiating these observations, Maartunn from CryptoQuant remarked on the tangible outflow of Bitcoin from Grayscale&#8217;s fund, particularly to Coinbase, <a href=\"https:\/\/twitter.com\/JA_Maartun\/status\/91507326\" target=\"_blank\" rel=\"noopener nofollow\">stating<\/a>, &#8220;Data doesn&#8217;t lie, as seen once again. Shortly after the inflow of Bitcoin from Grayscale to Coinbase, the Coinbase Premium Gap, previously positive, turned negative for the first time this year, indicating strong selling pressure from Coinbase.&#8221;<\/p>\n<p>He emphasized the correlation between these events and the increased trading volume on Coinbase, especially during the trading hours of the American stock market.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/bitwise-cio-equates-bitcoin-etf-impact-to-1-4-halvings\/\" target=\"_blank\" rel=\"noopener \">Bitwise CIO Equates Bitcoin ETF Impact To 1.4 Halvings: What This Means<\/a><\/div>\n<p>Crypto analyst James Van Straten further <a href=\"https:\/\/twitter.com\/jvs_btc\/status\/76687584\" target=\"_blank\" rel=\"noopener nofollow\">detailed<\/a> the pattern of Grayscale redemptions to Coinbase Prime, noting, &#8220;We&#8217;re starting to see a pattern of Grayscale redemptions to Coinbase Prime just before the market opens. 9k Bitcoin ($387M) sent to Coinbase Prime all before 2:30 (GMT) on Jan 16. On Jan. 12, 4k Bitcoin before the market opened.&#8221;<\/p>\n<p>As these patterns continue to manifest and evolve, the Grayscale effect is evidently reshaping the prime trading hour for Bitcoin, introducing a new layer of complexity and strategy in the crypto trading arena. Importantly, the Grayscale selling pressure will not last forever, but as long as it exists, it could continue to put some pressure on the Bitcoin price.<\/p>\n<p>Until then, following the Grayscale flows could be crucial for determining BTC price trends. Grayscale still holds circa 587,000 to 617,000 Bitcoin, depending on the data provider.<\/p>\n<p>At press time, BTC traded at $42,754.<\/p>\n<figure id=\"attachment_569937\" aria-describedby=\"caption-attachment-569937\" style=\"width: 3628px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-569937 size-full\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/01\/BTCUSD_2024-01-17_09-45-00.png?resize=3628%2C1673\" alt=\"Bitcoin price\" width=\"3628\" height=\"1673\" srcset=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/01\/BTCUSD_2024-01-17_09-45-00.png?w=3628 3628w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/01\/BTCUSD_2024-01-17_09-45-00.png?w=460 460w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/01\/BTCUSD_2024-01-17_09-45-00.png?w=768 768w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/01\/BTCUSD_2024-01-17_09-45-00.png?w=860 860w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/01\/BTCUSD_2024-01-17_09-45-00.png?w=1536 1536w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/01\/BTCUSD_2024-01-17_09-45-00.png?w=2048 2048w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/01\/BTCUSD_2024-01-17_09-45-00.png?w=750 750w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/01\/BTCUSD_2024-01-17_09-45-00.png?w=1140 1140w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/01\/BTCUSD_2024-01-17_09-45-00.png?w=3000 3000w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\"><figcaption id=\"caption-attachment-569937\" class=\"wp-caption-text\">BTC price, 4-hour chart | Source: <a href=\"https:\/\/www.tradingview.com\/x\/ojY4K8Jf\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD on TradingView.com<\/a><\/figcaption><\/figure>\n<div class=\"disclaimer-shortcode\">Featured image from DALL\u00b7E\u00a0 3, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The crypto trading landscape is witnessing a paradigm shift with the recent introduction of spot Bitcoin ETFs in the United States, catalyzing a new wave of trading dynamics. Bloomberg analyst James Seyffart revealed that the total trading volume of the US spot Bitcoin ETFs over a span of the first three days approached the $10 billion mark. This substantial volume was predominantly led by Grayscale&#8217;s GBTC, with a three-day trading volume amounting to $5.174 billion, followed by BlackRock&#8217;s IBIT at $1.997 billion, and Fidelity\u2019s FBTC at $1.479 billion, cumulating to an aggregate trading volume of approximately $9.771 billion. Update on the #Bitcoin ETF Cointucky Derby. The ETFs have traded almost $10 billion total over 3 days. Will have updated flows and assets later tonight or tomorrow morning. pic.twitter.com\/OnpCshjYJP &mdash; James Seyffart (@JSeyff) January 16, 2024 Despite these impressive figures, Bitcoin&#8217;s price performance has not mirrored the trading volume&#8217;s growth, a phenomenon analysts attribute to a strategic pivot among Grayscale&#8217;s clientele. Investors are increasingly transitioning their capital from Grayscale&#8217;s GBTC, with its 1.5% annual fee, to more cost-effective spot BTC ETFs, some offering fees as low as 0.25%. This shift, however, is not seamless due to the cash-redemption process prescribed by the Securities and Exchange Commission (SEC). Consequently, investors find themselves navigating a temporal gap, redeeming cash and reallocating it to other spot BTC ETFs, typically a few days later. Understanding The Grayscale Effect On Bitcoin Price This operational characteristic of Grayscale&#8217;s GBTC, which does not facilitate same-day cash redemptions for BTC and operates on a T+2 or T+1 settlement basis, has given rise to a discernible trading pattern. Alex Thorn, Head of Research at Galaxy, provided insight into this phenomenon, stating: We&#8217;re seeing significant Bitcoin trading volume now during US hours, particularly between 3-4pm NY now during the ETF fix, escalating into what has lately been a predictable Grayscale dump into the close. The game is evolving. Echoing this sentiment, Daan Crypto Trades observed a consistent pattern in Grayscale&#8217;s operations, highlighting, &#8220;Grayscale is sending X amount of Bitcoin to Coinbase ~1 hour before the market opens every trading day. Will be a good indicator to gauge how bad the outflows of GBTC are I think. 4K BTC was sent Friday. 9K BTC was sent [Monday].&#8221; Related Reading: Grayscale Transfers Almost 12,000 BTC To Coinbase, Bitcoin Price Reacts Further substantiating these observations, Maartunn from CryptoQuant remarked on the tangible outflow of Bitcoin from Grayscale&#8217;s fund, particularly to Coinbase, stating, &#8220;Data doesn&#8217;t lie, as seen once again. Shortly after the inflow of Bitcoin from Grayscale to Coinbase, the Coinbase Premium Gap, previously positive, turned negative for the first time this year, indicating strong selling pressure from Coinbase.&#8221; He emphasized the correlation between these events and the increased trading volume on Coinbase, especially during the trading hours of the American stock market. Related Reading: Bitwise CIO Equates Bitcoin ETF Impact To 1.4 Halvings: What This Means Crypto analyst James Van Straten further detailed the pattern of Grayscale redemptions to Coinbase Prime, noting, &#8220;We&#8217;re starting to see a pattern of Grayscale redemptions to Coinbase Prime just before the market opens. 9k Bitcoin ($387M) sent to Coinbase Prime all before 2:30 (GMT) on Jan 16. On Jan. 12, 4k Bitcoin before the market opened.&#8221; As these patterns continue to manifest and evolve, the Grayscale effect is evidently reshaping the prime trading hour for Bitcoin, introducing a new layer of complexity and strategy in the crypto trading arena. Importantly, the Grayscale selling pressure will not last forever, but as long as it exists, it could continue to put some pressure on the Bitcoin price. Until then, following the Grayscale flows could be crucial for determining BTC price trends. Grayscale still holds circa 587,000 to 617,000 Bitcoin, depending on the data provider. At press time, BTC traded at $42,754. Featured image from DALL\u00b7E\u00a0 3, chart from TradingView.com<\/p>\n","protected":false},"author":571,"featured_media":569938,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,532,679,1119,1122,7558,7523,84647],"class_list":["post-569934","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-etf","tag-bitcoin-price","tag-btc","tag-btc-price","tag-gbtc","tag-grayscale","tag-spot-bitcoin-etf"],"acf":[],"yoast_head":"\n<title>The Grayscale Effect: Bitcoin Has A New Prime Trading Hour<\/title>\n<meta name=\"description\" content=\"The crypto trading landscape is witnessing a paradigm shift with the recent introduction of spot Bitcoin ETFs in the United States, catalyzing a new wave\" \/>\n<meta name=\"robots\" content=\"index, follow, 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Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake\u2019s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time. 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Through his extensive work with uniquehot.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field. His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone. With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake\u2019s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage. 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His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality. As a journalist, Jake\u2019s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies. In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it\u2019s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake\u2019s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time. 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