Morgan Stanley Sells GBTC, Buys $187M in BlackRock’s IBIT: Bitcoin Price Analysis

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Arslan Butt

Crypto Writer

Arslan Butt

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Arslan Butt is an experienced webinar speaker, market analyst, and content writer specializing in crypto, forex, and commodities. He provides expert insights, trading strategies, and in-depth analysis...

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Last updated: 

August 15, 2024

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Bitcoin (BTC), the leading cryptocurrency, continued its downward trend and remained under pressure around $58,700 on Thursday, hitting an intra-day low of $57,806.

This downward rally follows Morgan Stanley’s decision to sell its entire GBTC position and shift $187 million into BlackRock’s IBIT. This suggests a lack of confidence in Bitcoin’s short-term prospects and could potentially lead to bearish sentiment in the market.

Additionally, the US government’s recent transfer of 10,000 BTC to Coinbase contributed to a 3.3% price drop, signalling potential future sell-offs and adding to market concerns.

U.S. Government’s BTC Transfer Sparks Concerns and Price Drop

Morgan Stanley significantly adjusted its Bitcoin investment strategy in Q2 2024, as revealed by a 13F filing. The banking giant nearly sold off its Grayscale Bitcoin Trust (GBTC) holdings, liquidating $269.9 million worth of shares, leaving a minimal exposure of $148,000.

Simultaneously, Morgan Stanley increased its investment in BlackRock’s Bitcoin ETF (IBIT), acquiring over 5.5 million shares valued at $190 million, making it one of the top five holders. The shift comes as GBTC saw massive outflows due to its high management fees, while IBIT’s popularity surged.

Despite cooling inflation signals, Bitcoin’s price dropped by more than 4%, trading around $58,334

Morgan Stanley’s shift from GBTC to BlackRock’s IBIT could signal reduced confidence in GBTC, contributing to its outflows and Bitcoin’s price drop.

Increased investment in IBIT highlights growing institutional interest in Bitcoin ETFs, potentially supporting Bitcoin’s market position.

U.S. Government’s 10,000 BTC Transfer Sparks Price Drop and Market Uncertainty

On the other side, the U.S. government recently moved 10,000 BTC, worth around $594 million, to Coinbase Prime, causing Bitcoin’s price to drop by 3.3% to approximately $58,330.

This move has raised concerns that the government might be preparing for a future sell-off, reminiscent of the significant price drop following Germany’s sale of 50,000 BTC.

The government currently holds 203,239 BTC valued at about $12.05 billion, primarily from seizures.

The transfer to Coinbase Prime has sparked speculation among traders and analysts, with some fearing it could signal upcoming market sell-offs, while others consider it part of institutional investment strategies.

The increased movement of government-held Bitcoin contributes to market uncertainty, impacting Bitcoin’s stability and price trends.

The U.S. government’s transfer of 10,000 BTC to Coinbase Prime caused Bitcoin’s price to drop by 3.3%, raising concerns about potential future sell-offs and adding uncertainty to the market. This move could signal increased volatility in Bitcoin’s price.

Daily Technical Outlook: Bitcoin (BTC/USD)

Bitcoin ($BTC) is currently showing some interesting signals. Right now, it’s hovering around $58,768, up slightly by 0.07%.

The key level to watch is $57,750, which has acted as strong support, reinforced by a double-bottom pattern.

This pattern typically suggests a potential bullish reversal, indicating that Bitcoin might bounce back from this level.

However, it’s not all smooth sailing. The 50-day Exponential Moving Average (EMA) is sitting at $59,651, which could serve as a significant resistance point.

If Bitcoin fails to break through this $59,600 zone, we might see some downward pressure. In that case, a dip below $57,750 could trigger a sharp sell-off, making this level critical to watch.

Overall, as long as Bitcoin holds above $57,750, the outlook remains bullish. But, if it falls below, brace for possible strong selling.

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