On August 29, Bitcoin (BTC) went from $25,900 to $28,100 (+8.6%) in less than three hours amid positive news regarding the Federal Court ruling on the Grayscale v. SEC case about the regulator’s decision on the spot Bitcoin ETF.
“Somebody always knows.”
— Lark Davis (@TheCryptoLark on X)
The above comment was made to a post by the crypto analyst Ali Martinez (@ali_charts). “Signs of Bitcoin manipulation?”, questions Ali while showing that around 30,000 BTC was sent to cryptocurrency exchanges just a few moments before the positive news and the price pump.
“Whales and Sharks may have known a thing or two”, says Santiment Pro analyst
Notably, an analyst from behavior analysis platform Santiment suggested something similar while pointing to on-chain data showing that Bitcoin addresses holding between 10 to 10,000 BTC were accumulating over $388.3 million in Bitcoin on August 28 — the day before the positive news about Grayscale spot Bitcoin ETF case against the SEC.
“Whales & sharks may have known a thing or two about the outcome of the Grayscale and SEC lawsuit.”
— Santiment Sanbase Pro (@santimentfeed)
Bitcoin miners sold the pump from Grayscale v. SEC news
In this context, Glassnode also reported a 1-month high for Bitcoin miners‘ outflow volume. An on-chain metric following the amount of BTC leaving addresses that receive the block subsidy reward (known as a ‘coinbase transaction’).
As seen in the chart, the 1-month high was reached on August 29, starting to aggressively increase a few moments before the news (and the price pump), making the new highs of $1,63 million in Bitcoin miners’ outflow volume at the same time the price went up.
According to Glassnode, the same metric, measured in Bitcoin units, also reached the 1-month high moments before the price surge. For a total of 55.483 BTC outflowing from Bitcoin miners’ addresses.
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