Grayscale decreased its Bitcoin holdings by 52,227 BTC valued at $2.14 billion. This divestment followed the recent approval of spot Bitcoin ETFs by the SEC. At the moment, Grayscale is holding 566,973 BTC worth $23.21 billion. The Grayscale’s move to sell such a substantial portion of its BTC holdings ignited significant speculation among the members of the crypto community.
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00:00 Intro
00:25 Sponsor: iTrust Capital
00:55 Bitcoin down 20%
01:29 GBTC crashing markets
03:25 Are bitcoiners selling bitcoin?
06:13 Fidelity: Bitcoin not buying enough
07:49 JP Morgan downgrades Coinbase
09:33 Stocks missing earnings
10:32 Do cycles repeat themselves?
13:40 Stablecoin update
14:29 Solana stablecoin volume + Chart
16:32 Outro
#Crypto #Bitcoin #Ethereum
~Grayscale Causing Bitcoin Crash?📉🔥~
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[Music] All right so let's get into Bitcoin Today this is going to be a good show For you uh breaking down whether or not Bitcoin is going to continue its slide Down and what does that mean for the Markets what does that mean for all Coins we'll break it all down for you Guys it's going to be good my name is Paul bar welcome back in the tech path All right before we get started thank Our sponsor and that is itust capital if You guys are looking at long-term Holding make sure and jump over to itust Capital website you can do a lot there You can buy sell crypto you can also go Into gold and silver with your IRA so It's very easy and if you're into all Coins you can also jump into all coins All of that self-directed in your own Ira so make sure and check it out maybe This is a good thing for your tax season Consult your CPA check it out this might Be the way to go make sure and use our Link down below get a $100 funding Reward if you guys decide to jump in all Right so first thing I want to get to is A tweet here by Kobe easy letter uh Bitcoin of course officially down 20% From its post ETF approval highs this is Erasing over 200 billion in value so That's a big number guys this is less Than two weeks bitcoin price is now down Over 10 grand uh to their lowest uh
Since December 4th so dropped largely Due to the underwhelming performance of The Bitcoin ETFs but primarily this is About gbdc and not necessarily the other ETFs so I'll I'll explain how all this Kind of plays into this other things That you want to look at this came in From Jeff saford if you don't know who That is one of the uh Bloomberg analysts On ETFs in the Wall Street and you know He kind of mentions it bad day for Bitcoin ETF overall and Kentucky Derby You know the coint Tucky Derby uh gbdc Saw 640 million flow uh outlow today and Outflows aren't necessarily slowing They're actually picking up so this is Not a good thing uh for gbdc we don't Have the numbers on Black Rock data just Yet but the point being is we're Probably seeing some inflows going in Into the traditional I won't call them Traditional but the new boys on the Block in terms of ETFs versus What's Happening Here with uh gbdc when you Look at Gbdc and you consider their fees and This is something that has been Referenced quite a bit on you know the Main Street Wall Street channels out There talking with uh Michael from gbtc About why the rates were so high because Remember he's at 1.5 where most everyone Else is below .3 in terms of their Transaction rate so that I think has
Been a big killer here for gbdc and if You look at the number here that is kind Of this point of no return is this Window right here around 500,000 uh right now so around actually 450,000 Bitcoin so when they hit the 450 Mark this is potentially when they're Going to Pivot on their fees now the Question will be is this going to be too Late uh at that time will we see a lot Of the outflow kind of flowing in or out I should say uh when you look at the uh Gbdc discount to nav when it goes to Zero I think we'll see the biggest day Of outflows I do agree with that and When you look at the Y chart this kind Of shows it right here this is getting Eerily close to that point where a Premium is going to be now paid meaning They're going to pay you to sell your Bitcoin so that is not going to be good For grayscale in terms of uh transfer Now the question is how much of that Exit is actually going into these other ETFs or are we actually seeing Bitcoiners selling Bitcoin very interesting position I Think right now and if you look at Eric Balunis he kind of says it the same 10 This is 10% of the replies he's sending Out to everybody so I'll address it Everybody here even with gbdc ETFs still Net buyers of 1 billion since dumping Began so still a lot of people buying so
It would be worse without them if we Didn't have these uh ETFs in place so You need to look at the crypto Brethren Uh CU as the culturs because the call is Coming from inside the house that means That bitcoiners are maybe for the first Time causing a bit of a market dip here So I don't know guys laser eyes are uh Looking uh kind of eerie right now Marty Party comes in and says hey we got some More bad news as expected grayscale Moves 18,000 Bitcoin to coinbase this is The eighth day in a row that we've Continued to see this so remember we Know very little on how they've been Very transparent even though they were Aware that we can see the blockchain and Its public so now the beauty is there It's right in front and center about What's happening in the marketplace and My question to you is do you think Grayscale makes it through this Exodus Do they just become a small percentage Of the Bitcoin Holdings and with the Acceleration both in Black Rock and Fidelity are they the new Bitcoin holder Titans has this been a grand plan all Along from Wall Street drop comments Down below smash a like button right now Take some time hit that like button this Will help others start to understand and Learn more about what's happening in Crypto and really start to get a Framework around is this a buy event is
This a potential uh buy the dip Opportunity let me know what you guys Think Bitcoin now riding a new 600 Million in gbdc offload uh with the Price eying a two-month low not Necessarily a great opportunity if You're looking at maybe an entry but if You haven't been in Bitcoin before maybe This is the time where you actually do It couple of points I want to focus on Here they deposited this was uh the look On chain uh note which is the great sale Depositing in 15,000 Bitcoin again 10 Minutes ago so this is coming out Quickly very interesting right now how Are you guys playing this are you Looking at Bitcoin as a hold through Position or are you looking at maybe Trying to exit some of this with Profitability and jettison into some of These alts that have bleed that have Been bleeding against Bitcoin is that Your strategy let me know I'd love to Kind of get an inside from what you guys Are Doing other things I want to talk about This is Fidelity's uh executive uh Timmer he's foreseeing a continued churn Around Bitcoin he hits on a few points Here within the article uh the value Path now intered intertwined with the Fate of these ETFs as become a tight Walk between intermediate uh immediate Uh reactions and long-term potential I
Don't know if it's a tight rope but it Definitely has a lot of bearing on to The overall Market position this also Gets into something that I've kind of Had a theory on is that Bitcoin would See a pump get a little bit of Retraction and then get very anti- Volatile meaning a lot more stability I Don't know if that is necessarily going To happen it depends on who's holding The biggest bag at the end of the day Today if it's Black Rock Fidelity Someone like that Timmer also suggest That the re recent dip in Goldman Sachs Bitcoin sensitive equities index is more Of a market recalibration than a red f Do agree with that other things he's Talking about he called out we can on The market this gets back to my point This is the bitcoiners uh going out Arguing that they're not buying enough To counter the dip that is a bit Surprising because that tells me that we Don't have a lot of new bitcoiners Coming in to be able to get this so There you go and then of course is at Him back he's hitting it don't blame the ETFs nine new ETFs are um you know a a Big by the dip opportunity but this goes Back to kind of the the idea of how a Lot of bitcoiners you know do kind of Control the narrative on Bitcoin in Terms of buy and sell so it's another One that you have to keep an eye on for
Sure further into this I want to go to This headline JP Morgan downgraded Coinbase this is another one that's also Getting hit underweighted now following The uh spot Bitcoin ETF under Performance and you look at a couple of Points they hit on I disagree with most Of this but there's a few things that They're talking about they think the Catalyst of the ETFs they just push the Ecosystem out of its winter uh this is Going to disappoint a lot of Market Participants that are coming into Bitcoin maybe now for short term I don't Know that anybody coming into an ETF is Looking at short-term but maybe new People might be but I doubt that is Going to be happening if they need that Kind of exposure they're probably going To do it directly on an exchange uh Prices already under pressure Bitcoin Falling below 40 remember that's Before 40 remember where Bitcoin was this time Last year 165 just saying just remember That so the other thing the Investment Bank had previously categorized coin Base as a neutral rating but pretended Uh predicted that the price target of 80 By December 2024 which it did not hit so Sometimes these uh predictions are a Little bit off considering uh coinbase We'll look at the chart here in a second We think much of the crypto industry has Set a high bar for the ETF launches and
While meaningful we think expectations Are simply too high unrealistic that's a Possibility because remember going into Last year everybody was still leaning in That we were going to get five rate Cuts This year and I think everybody got over Their New Year's party and realized they Drank too much champagne and that five R Is probably not going to be the case Likelihood is we may not even see one For March if we don't see one for March Is May the next window for a rate cut And if a rate cut were to hit right Around having time would that have some Magic maybe in the marketplace possibly Could see a lot of things happening There here of course is a little bit Further another tweet here from uh gr Dector just in stocks have big drops and Missing earnings there are a few that Are missing earnings but it's mostly Midcaps world's largest conglomerates Now are three 3 mil down about 12% uh Largest home builder down also these are Anticipated to a certain extent remember Though that in the S&P 500 I think I Have it up here on the chart yeah here's The S&P 500 this thing has hit its All-time high I've got this out on the Daily stringing this out but the last Time we saw this was back in December of 2021 in that range right there and now Where you if you look at where we are Right now let me kind of zoom in on this
For you guys right here this is what We're looking at this little weak zone Right here that has started to really uh Push the S&P 500 up this might be a Potential for a bit of a reversal here Still a little bit new uh to know for Sure of what that might look like Cycles Are one of the things that you do look At in crypto because it does have some Eerie similarities but at the same time I'm going to say this that Cycles may Get disrupted a bit with the activity Now coming from Wall Street so I do want To play a clip here from Ben Cowan and He talks a little bit more about Cycles Listen to what he had to say what is it About mid January um that that sort of Brings this on and it's kind of Interesting because if you go back and Look at all prior cases of January February of the having year Bitcoin has Had weakness right it has fallen back Into the bullmark sport band last cycle You can see that we did that right we Fell back to the bullmark sport band in Q1 of the having year and yes we went a Lot further below it because we had you Know we had pandemic recession and the FED printed a lot of money But even the cycle before that again you Can see there was weakness q1 of the Having year with Bitcoin and it fell Back to the bull Mark support band now It held
Support and what's interesting Is you go back another cycle and sure Enough right sure enough like like every Single Time mid January starts to show some Weakness falls back to the bullmark spb Right so if we were to fall back into That bull market support ban between Like 36 37k if it happens a couple of Weeks from now it could be 38k that's where the Bulls are are going To want to try to to to show up and see If they can hold the Line so I think that will be a big Question because whether they uh hold The line on bitcoin the other one that's Starting to move in a downward Direction At least when you look at trend lines Has been ethereum ethereum also sliding So down to under 2300 now and um I think A lot of people are looking at this is This still trading in line with Bitcoin If you look at the charts I want to just Jump over to the eth Chart real quick And you can kind of see some of these Order blocks that are by the way I'm on The Lux algo price action Concepts which Is what you're seeing right now in terms Of a trading indic but this is one that I watch a lot because we are now Breaking through that order block at 2176 so this is a very critical point as We film this for ethereum and then if You look at sentiment just to give an
Example here also what we had seen where Ethereum was flying fairly High when it Was hitting the 2400 mark one of the Highest Registries it was back on the 17th and then we saw that immediate Starting to drop over the past week and This big fallof right here on sentiment Uh this is our Market sentiment index Again also in line with what's happening Right here on the regular charts within Eth so something to keep an eye on in Terms of Market sentiment still a lot of Downward pressure right now it does look Like we're going to continue to see more Bleed in ethereum and in Bitcoin uh Going forward all right just as another Point here this is of course coming in The SEC received a request to do some Approv interest bearing stable coins Stablecoin markets have been pretty Active and you'll be surprised I'll show You a chart here in a second um but the Point is is that this is kind of where The market is going whether or not we Get regulatory alignment here I think is The key if we do get a regulatory Alignment which still could happen in The first part of this year that's Another big Catalyst that could be a Narrative that will push Bitcoin and Other crypto assets you know up based on A potential passage of a stablecoin bill In the house so be on the lookout for That we're going to keep our uh eyes to
The ground and ears to the ground uh and Eisen DC checking that out to make sure As things start to develop uh if you Look at just the history here I thought This was an interesting chart as it's Playing through you'll let me kind of Examine or blow this up for you guys as It's playing through you'll notice that You know you got Tron eth usdc kind of Flowing this is 2022 I'll skip through To yeah here we go 2023 flowing along no Problem and then here toward the end of 23 and into 24 bam you end up with salana taking the Lead on daily stable coin volume that's A pretty big deal considering what's Been happening in the salana ecosystem So monthly transfer volume now on stable Coins let me zoom in on that for you Guys a little bit on usdc on salana Surpassing 300 billion hitting an All-time high so still big in the salana Ecosystem which is still one of the Tokens we watch very closely we do like It yes of course so all you s we don't Shill salana we just like the project There's many projects that we like by The way uh and that's just one of them Uh so back to the charts real quick just To take a look at salana also sliding Down right there had that order block Right here in that under 100 range but Where it's trading is very interesting If you look at this loss where it is
Right now setting it around $81 and it's Very sticky at that $80 point but I feel Like we've got a potential in this Little order block zone right here in The 70 to 68 range I don't know if we'll Ever get there but this is one that We're watching very closely possibly for Another entry and maybe this is the First time that you've been looking at Salon maybe this is one that you want to Go research and take a look at Avalanche Is kind of in the same Boat had a pretty big uh fall off here From its high and if you look at this Correction what is that almost 40% so That's another one big order block right Down here in the $22 range that may be Another zone so there's a lot right now Uh to look at on avalanch when you look At the Historical nothing really to kind Of hold this one in place if we continue To see it fall down so it's currently Trading around 28 29 bucks so keep an Eye on those and of course if you're not In our Diamond circle make sure and jump Into that because that's another place Where we do additional content more Podcast all that good stuff uh check it Out because it's going to help you guys Kind of get ready for this next run Remember right now when the market is Bleeding these are actually the exciting Times I know people doesn't think that You love to see that up only but you've
Got to be able to entry and getting in At these projects that you do like when These markets are down and getting Deflated these are second chances on These little buy the dip opportunities So let me know what you're getting drop In some comments down below catch me out There on X Paul Baron we'll catch next Time right here on Techpack
