Does Grayscale have enough GBTC to sell bitcoin into March?
Crypto asset manager Grayscale has come under fire after bitcoin saw a significant decline in the wake of the Securities and Exchange Commission’s (SEC) decision to green-light 11 spot bitcoin ETFs earlier this month. It was hoped that the SEC’s decision would see a bitcoin price pump. However, Wall Street’s “buy the rumor, sell the news” adage was once again proved right and instead of pumping, bitcoin has sold off 15% since pre-approval highs. The Grayscale Bitcoin Trust (GBTC) was the first scapegoat in sight. Once the world’s largest hoard, it consistently amassed bitcoin for a decade before it turned into a top bitcoin seller overnight. According to venture capitalist Adam Cochran, GBTC could theoretically sell bitcoin for weeks to come. Indeed, using a simple extrapolation of GBTC’s trailing rate of sales, Cochran noted that it could sell every day through mid-March . At the current pace of selling, $GBTC still has enough assets to do this for another 60 days str...