The news of Grayscale’s victory against the SEC sent the price of Bitcoin soaring on Tuesday, and it eventually reached a high of $28,000.
Over the last several months, “whales” (large investors) have amassed a growing number of Bitcoin (BTC) because price decreases provide advantageous purchasing opportunities. The upcoming court judgment in Grayscale vs. US Securities and Exchange Commission (SEC) seems to have been used by these significant BTC holders to increase their holdings.
At the time of writing on Wednesday, August 30, the price of bitcoin has fallen to around $27,370, having given up some of the more than 6% gains witnessed on Tuesday.
Notwithstanding, Santiment, a market intelligence tool, has brought attention to a critical on-chain indicator concerning Bitcoin whales and sharks. Large holders bought almost $388 million in BTC before the announcement that Grayscale had won another historic case against the SEC, as shown by statistics from the site.
With the crypto market reacting positively and BTC shooting over $28,000, whales and sharks were “handsomely rewarded with a +6% price jump.”
Ten thousand bitcoin wallets amassed $388.3 million in bitcoin the day before the news broke, suggesting that whales and sharks may have known something about the result of the litigation between #Grayscale and #SEC. The market responded well, sending prices up by +6%, as Santiment reported on X.
The SEC’s denial of Grayscale’s application to convert GBTC to a Bitcoin ETF was overturned in a judgment handed down by the DC Circuit Court. The company’s request for review was granted, and the court subsequently blasted the SEC for being arbitrary in its handling of Bitcoin futures and spot ETFs.
Experts have subsequently speculated that this verdict improves the prospects for the first Bitcoin ETF to be listed on the US stock exchanges.
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