\t\t\t\t\t\t
<\/p>\n
- \n
- Voyager\u2019s bankruptcy and ongoing asset sales raised concerns about its impact on Bitcoin.<\/em><\/li>\n
- Grayscale ETF ruling could offset some of the selling pressure going forward.<\/em><\/li>\n<\/ul>\n
In an unexpected turn of events in July 2022, Voyager, a prominent player in the crypto space with assets and liabilities totaling $10 billion, filed for bankruptcy. This decision reverberated across the market, leaving more than 100,000 clients and investors in a state of uncertainty.<\/p>\n
\nRead Bitcoin\u2019s Price Prediction 2023-2024<\/a><\/p>\n
\nThe bankruptcy announcement was closely intertwined with the downfall of Three Arrows Capital (3AC), a notable borrower, which faced a catastrophic outcome due to a high-stakes gamble on Terra Luna\u2019s stablecoin.<\/p>\n
The sell-offs continue<\/h4>\n
Although the bankruptcy filing occurred over a year ago, Voyager\u2019s behavior continues to echo within the crypto landscape. Recent data from lookonchain has shed light on Voyager\u2019s ongoing activities, particularly its asset sales on the popular exchange Coinbase.<\/p>\n
Over the span of four days, Voyager liquidated an array of tokens, amassing approximately $63 million. Among the assets sold were:<\/p>\n
\n
Voyager has been selling assets on #Coinbase<\/a> for the past 4 days and has sold 49 tokens for ~$63M. <\/p>\n
Including: <\/p>\n
781 $BTC<\/a> ($23M);
9,570 $ETH<\/a> ($17.6M);
1.4T $SHIB<\/a> ($14.4M);
234,660 $LINK<\/a> ($1.74M);
1.87M $MATIC<\/a> ($1.27M);
3M $MANA<\/a> ($1.1M);
\u2026 pic.twitter.com\/SUGjjQQvja<\/a><\/p>\n\u2014 Lookonchain (@lookonchain) August 15, 2023<\/a><\/p>\n<\/blockquote>\n
This consistent offloading of assets by Voyager has prompted speculation about its potential impact on the broader cryptocurrency market, particularly on Bitcoin[BTC]<\/a>. Concerns were raised about the sheer volume of assets being sold and the potential ripple effects throughout the ecosystem.<\/p>\n
Taking a closer look at Bitcoin\u2019s current state provided further insight. At the time of writing, Bitcoin\u2019s price hovered around $29,390, reflecting stability amid the recent market turbulence. The velocity of Bitcoin transactions, however, exhibited a slight decline over the past week, potentially indicating a cautious approach by traders.<\/p>\n
![\"\"](\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/08\/Bitcoin-BTC-15.01.40-15-Aug-2023.png\")
<\/a><\/p>\nSource: Santiment<\/p>\n<\/div>\n
Grayscale waits in anticipation<\/h4>\n
The looming Grayscale ETF ruling adds an intriguing dimension to the equation. Grayscale Investments, a major player in the asset management space, pursued its ambition to launch a Bitcoin exchange-traded fund (ETF).<\/p>\n
Scott Johnsson of Van Buren Capital tweeted on 11 August that U.S. District Courts usually handle pending cases before new staff comes in, observing that in March 2021 and 2022, 30 out of 32 cases were resolved within 160 days after oral testimony. This also marks 160 days since Grayscale presented its oral arguments against the United States Securities and Exchange Commission on March 7.<\/p>\n
\nIs your portfolio green? Check out the Bitcoin Profit Calculator<\/a><\/p>\n
\nThis could suggest that the Grayscale ETF ruling would come sooner than later.<\/p>\n
\n
March ’21\/’22 cases with decisions within 160 days of oral: 30\/32 (94%)<\/p>\n
Days since Grayscale (March ’23) oral: 160 days<\/p>\n
Why should we expect August? Because law clerks for DC generally cycle in\/out this month, so judges aim to clear prior caseload before the new guard arrives. https:\/\/t.co\/vVj0dHus90<\/a><\/p>\n
- Grayscale ETF ruling could offset some of the selling pressure going forward.<\/em><\/li>\n<\/ul>\n