Mithat Can Kartlaşmış 
Grayscale‘s profit-taking sales, which are the result of its purchases of GBTC at a discount, continue to have a significant impact on the cryptocurrency markets. Grayscale, which has sold $2.8 billion worth of Bitcoin in the past week, is continuing to put pressure on the cryptocurrency markets.
You might like: Terraform Labs Files for Bankruptcy!
Despite selling thousands of Bitcoin so far, Grayscale is still able to keep the value of Bitcoin at around $40,000 thanks to demand from other companies, despite its sales through Coinbase Prime.
Despite Grayscale‘s latest sale of $590 million on Friday, BlackRock and Fidelity are clearly standing out among companies issuing ETFs (Exchange-Traded Funds). The two companies are known to own a total of 30,000 Bitcoin.
According to data from Bloomberg ETF analyst Eric Balchunas, net inflows into ETFs are up $1.1 billion despite Grayscale’s sales. If Grayscale is left in this state, net inflows reach $3.9 billion.
U.S. markets will open at 5:30 PM today. It will be observed from this minute whether Grayscale will continue to maintain its sales pressure.
Analysis
The Grayscale sales are likely to have a negative impact on the price of Bitcoin in the short term. However, the net inflows into ETFs suggest that there is still strong demand for Bitcoin from institutional investors.
It remains to be seen whether Grayscale will continue to sell Bitcoin at this pace. If the company is able to reduce its sales, it could help to stabilize the cryptocurrency markets.