BTC is Bathed in Blood, FTX is Guilty!

<p>&nbsp;"Hmm, is the price of BTC going to go down again?"</p><p><br /></p><p>The price of cryptocurrency king Bitcoin (BTC) plunged to $39,424 as bankrupt FTX sold nearly $1 billion of Grayscale Bitcoin Trust ETF (GBTC) since the fund switched to spot BTC ETF.</p><p><br /></p><p>Looking at filings from early November 2023, FTX held 22.3 million shares of GBTC worth $597 million as of October 25, but it appears to have moved to sell 22 million shares of GBTC.</p><p><br /></p><p>The increase in the value of the stock has occurred for two reasons, one of which is when the price of BTC increased from $34,500 to $40,00 then $49,000 which was the highest level reached earlier this month.</p><p><br /></p><p><br /></p><p>In addition, the approval and conversion of GBTC on the spot BTC ETF which closed the long-term discount between the value of GBTC shares and the underlying BTC holdings of the fund has been the cause of the rise plus GBTC is discounted more than 40% compared to the price of BTC in early 2023.</p><p><br /></p><p>That streak, large holders of GBTC like FTX were quick to take advantage where on the first day of GBTC trading as a spot ETF, the value of FTX share ownership managed to reach up to $900 million.</p><p><br /></p><p>It is well known that since the spot BTC ETF was approved, Grayscale has experienced about $3 billion in outflows including $590.4 million last Friday and its firm's blockchain address sends thousands of BTC to Coinbase every day.</p><p><br /></p><p>As of this writing, the price of BTC has fallen by 3.65% to $39,834 in the last 24 hours with a market cap of $781 billion and has recorded a decline of 6.43% over the last week.</p>