30,000 Bitcoins Sent To The Crypto Exchange Before Greyscale's Victory

30,000 BTC were sent to the crypto exchange before Greyscale won. (Photo; Doc. Unsplash)

JAKARTA - In the recent development of the crypto market, the United States Court has awarded Grayscale victory in its fight against the United States Securities and Exchange Commission (SEC). This decision had a positive impact on the price of Bitcoin (BTC) and Grayscale Bitcoin Trust (GBTC) shares on August 29, 2023.

The court has approved efforts to turn the Grayscale Bitcoin Trust into a Bitcoin spot Exchange Trade Fund (ETF). However, there is still uncertainty regarding the exact time when the Bitcoin spot ETF will get approval, as the US SEC still has the option to appeal against the decision.

Prior to Grayscale's victory announcement, on-chain data indicated that around 30,000 Bitcoins (BTC) had been sent to crypto exchanges. The transaction increased the total supply of Bitcoin circulating in the market to 1.16 million BTC.

The sudden rise in this supply has sparked speculation whether the big side had predicted positive results and taken important steps, or maybe they had information about Grayscale's lawsuit before it was announced.

According to analysis from market intelligence platform Santiment, the supply of Bitcoin on the stock exchange experienced a spike before the announcement of Greyscale's victory. The surge in Bitcoin supply on the exchange occurred due to anticipation from investors of the outcome of this decision.