Key Points:
The data from Coinglass reveals that GBTC’s negative premium rate has now contracted to 18.06%, marking its lowest level since December 2021. Simultaneously, the value of GBTC’s Bitcoin holdings stands at a substantial $17.1 billion.
The favorable US court ruling in favor of Grayscale reverberated through the industry, igniting a notable surge not only in Bitcoin’s value but also in other cryptocurrencies. This unexpected development marked a pivotal moment for both Grayscale and the broader cryptocurrency ecosystem.
Liquidation activities painted a dynamic picture in the aftermath of the legal victory. An impressive total of $172 million in liquidations transpired, with a notable emphasis on short liquidations, accounting for around 68.6% of the total at approximately $118 million. In contrast, long liquidations contributed $54 million to the overall liquidation sum.
This intricate interplay of premium adjustments, Bitcoin holdings, and liquidation trends showcases the ripple effect of legal verdicts on the cryptocurrency market. Grayscale’s resounding success in the courtroom has not only led to a dramatic contraction of GBTC’s negative premium rate but has also triggered dynamic market activities.
As the cryptocurrency landscape continues to be shaped by legal dynamics, industry players are closely watching the evolving implications of legal victories and setbacks.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Miami, Florida, 13th November 2024, Chainwire
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