Bitcoin: Skybridge Founder Unveils Trends Behind Recent Downturn
Anthony Scaramucci, the founder of Skybridge Capital, attributes the recent decline in Bitcoin's value to investors shedding their Grayscale Bitcoin Trust (GBTC) holdings.
This shift occurred as GBTC transitioned from a trust to an exchange-traded fund (ETF) following approval from the U.S. Securities and Exchange Commission (SEC) last week.
According to Scaramucci, his trading desk reports indicate that GBTC holders willingly incurred losses on their shares to migrate to ETFs with more favorable fees, resulting in a notable surge in Grayscale sell-offs.
In addition, Scaramucci points out that the estate of the now-defunct FTX crypto exchange took advantage of the opportunity to liquidate its assets amid the excitement surrounding the approval of the Bitcoin ETF.
Despite the recent dip in BTC value, Scaramucci anticipates a reversal of the situation within approximately a week.
READ MORE: Ethereum Shines Bright in Post-Bitcoin ETF Excitement
He elaborates, explaining that the second observed trend is the bankruptcy estate of FTX unloading assets in sync with the ETF announcement.
Currently, there is a substantial volume of Bitcoin being sold, but Scaramucci expects the supply pressure to ease in the next six to eight trading days. Another factor to consider, he notes, is the conclusion of the quiet period for Wall Street. The marketing of these ETFs by Wall Street is set to commence in about eight days.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
