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GBTC liquidation wave has completely ended! Is Bitcoin poised for a halving market?

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GBTC liquidation wave has completely ended! Is Bitcoin poised for a halving market?

In recent weeks, Bitcoin's trend has faced correction pressure, and investors are also concerned about the flow of Bitcoin ETF funds that have supported Bitcoin's trend so far this year. The good news is: According to on-chain analytics firm Arkham, the largest holder of GBTC, Genesis' parent company, DCG, has completed its selling. With the highly anticipated Bitcoin halving approaching, is BTC expected to usher in a halving market?

Arkham: Genesis Sells 21 Billion GBTC

Blockchain analytics firm Arkham reported that Genesis Trading has redeemed over 32,000 BTC worth $21 billion in GBTC shares in the past 3 weeks as part of its ongoing bankruptcy proceedings.

Has the GBTC Sell-off Ended?

According to previous court documents, the bankrupt cryptocurrency lending institution Genesis holds a total of 35,939,233 GBTC shares, estimated at around $20.57 billion based on the closing price of $57.24 on 4/5. This is close to the $21 billion identified by Arkham. Does this mean:

The major GBTC holder, Genesis’ parent company DCG, has completed its sell-off!

Bloomberg article analyzing Bitcoin spot ETF: Impact of FTX and DCG sell-off on GBTC

According to the latest statistics from BitMEX, GBTC still showed a net outflow of $199 million on 4/5, compared to $79 million on 4/4.

GBTC Funds Have Flowed Out by 15.2 Billion

As of statistics on 4/3, Grayscale's GBTC has experienced a net outflow of $15.2 billion since officially converting to an ETF on 1/11, with current assets under management totaling $21.5 billion. Meanwhile, BlackRock's IBIT has reached $16.95 billion in assets under management, closely following.

Is the Bitcoin Halving Rally About to Start?

Bitcoin dropped below the previous neckline and support range of 68,000 on 4/2, retracing to a low of 64,493. In the short term, it remains to be seen if it can reclaim the 68K level. The highly anticipated Bitcoin halving is estimated to begin around 4/20, and it is currently in the countdown. BTC may have the opportunity to break through the upper range of 71K, challenging the historical high of $73,777 again, ushering in the halving rally?