Charles Edwards, the founder of hedge fund Capriole Investments, offered an in-depth analysis of the Bitcoin market yesterday. His review offers a granular perspective on the aftermath of the historic ETF launches, the pivotal role of major players like Grayscale, and the interplay of market mechanics shaping Bitcoin’s trajectory. Bitcoin Market Summary: ETF Launch Edwards acknowledged the ETF launches as a pivotal moment, characterizing it as “ETF Mania.” He emphasized the hindsight realization that the ETF launch triggered a short-term “sell the news event.” Edwards elucidated, “A portion of this can be attributed to the Grayscale outflows of over $4B, approximately half of which was forced selling by the FTX bankruptcy estate and another couple billion likely to cover Grayscale’s debt obligations.” However, he projects a shift in the outflow rate from Grayscale, stating, “I expect the current rate of outflow will drop to a more sustainable trickle over the next few weeks (after another few billion out).” Edwards also highlighted the end of Grayscale’s multi-year lock-up period, allowing long-term investors to finally close their GB ..
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