Bitcoin started the new week, where investments in Bitcoin ETFs are eagerly awaited, by rising above $67,700. Especially in ETFs, which closed last week in negative for 5 consecutive days for the first time since 10 January, when ETFs were accepted, there was a decrease in Grayscale sell-off on Friday.

Has a decrease in sales started?

Grayscale, which started last week with sales of over $600 million, sold at least $350 million every day, but this figure dropped to $170 million on Friday. Therefore, the serious decline in sales in Grayscale may have triggered Bitcoin’s upward movement again.

Grayscale may have no Bitcoin in 100 days

On the other hand, the figures show that if Grayscale’s sell-off continue at this pace, the company may both lag behind BlackRock in terms of the number of BTC and may run out of Bitcoins in about 100 days. Grayscale is known as the ETF issuer with the most expensive transaction fee. Company CEO Michael Sonnenshein said, “The fact that we have the most expensive fee is due to our experience.” However, his statement did not convince investors much.

The end or at least the end of FTX and Genesis sell-off through Grayscale may have caused the pressure from Grayscale to decrease. This may also have a positive effect on the Bitcoin price. It was stated that the two bankrupt crypto companies sold at least $1 billion in GBTC purchases.

On the other hand, Powell’s Fed speech last week also pushed crypto and stock prices up.

The fact that the US markets will open today at 9:30 a.m. will reveal the latest situation in the demand for ETFs much more clearly.