Grayscale Dumps Billions in Bitcoin onto Coinbase, Testing Bull Thesis of ETF Launches
• Grayscale has sent over $4.6 billion in Bitcoin to Coinbase since BTC ETF approvals • Massive BTC deposits from Grayscale are presumably putting sell pressure on Bitcoin • However, data shows BTC ETF launches overall bullish for Bitcoin • Over $550 million per day on average flowing into BTC ETFs post-approvals • Bitcoin bottomed out earlier this week, now seeing FOMO buying again