With digital asset management firm Grayscale refusing to provide proof of reserves for its Grayscale Bitcoin Trust (GBTC), an independent analyst has spent days combing through the blockchain to independently verify its holdings. The OXT Research analyst, Ergo, used on-chain forensics to confirm that as of Nov. 23 that the GBTC owns approximately 633,000 Bitcoin (BTC) held by its custodian, Coinbase Custody. The Grayscale G(BTC) Coins Part 2 In this analysis we use additional on-chain forensics to CONFIRM the approximate 633k BTC balance held by G(BTC) at Coinbase Custody. Which begs the question, why does Grayscale refuse to disclose their …

Bitcoin (BTC) stayed undecided at the Nov. 24 Wall Street open as one trader reinforced a $12,000 BTC price target. BTC price "main target" for bottom $12,000-$14,000 Data from Cointelegraph Markets Pro and TradingView showed BTC/USD circling $16,500 as an eerie calm continued on the market. The pair nonetheless failed to convince analysts that better times were on the way, and popular commentator Il Capo of Crypto suggested that it was only a matter of time before downside resumed. On both high timeframes (HTF) and low timeframes (LTF), the picture looked bleak. “Htf: lower lows and lower highs after breaking …

Bitcoin (BTC) firms’ shares are a major “buy” for asset manager ARK Invest in the midst of the FTX meltdown. The latest data confirms that ARK continues to up its holdings of both exchange Coinbase (COIN) and the Grayscale Bitcoin Trust (GBTC). Cathie Wood buys the dip With FTX contagion still rippling through the crypto industry, ARK’s decision to add exposure to two firms caught in the firing line stands out. According to numbers supplied by CEO Cathie Wood’s dedicated tracking resource, Cathie’s Ark, the firm added 176,945 GBTC shares on Nov. 21. These join a larger tranche of 273,327 …

Bitcoin (BTC) starts a new week still replaying November 2020 after its lowest weekly close in two years. The largest cryptocurrency, just like the rest of the crypto industry, remains highly susceptible to downside risk as it continues to deal with the fallout from the implosion of exchange FTX. Contagion is the world on everyone’s lips as November grinds on — just like the Terra LUNA collapse earlier this year, fears are that new victims of FTX’s giant liquidity vortex will continue to surface. The stakes are decidedly high — the initial shock may be over, but the consequences are …

The largest Bitcoin (BTC) institutional investment vehicle is coming under suspicion as it trades at a record discount. The Grayscale Bitcoin Trust (GBTC) is the latest Bitcoin industry entity to feel the heat from the debacle over defunct exchange FTX. FTX woes see Coinbase pledge trust in GBTC owner With contagion and fears over a deeper market rout everywhere in Bitcoin and altcoins at present, misgivings are impacting even the best-known — and trusted — crypto industry names. In recent days, it was the turn of GBTC, the long-embattled Bitcoin investment fund, amid problems at a related crypto firm, Genesis …

Cryptocurrency investment product provider Grayscale Investments has refused to provide on-chain proof of reserves or wallet addresses to show the underlying assets of its digital currency products citing “security concerns.” In a Nov. 18 Twitter thread addressing investor concerns, Grayscale laid out information regarding the security and storage of its crypto holdings and said all crypto underlying its investment products are stored with Coinbase’s custody service, stopping short of revealing the wallet addresses. 6) Coinbase frequently performs on-chain validation. Due to security concerns, we do not make such on-chain wallet information and confirmation information publicly available through a cryptographic Proof-of-Reserve, …

Bitcoin (BTC) fell to intraday lows after the Nov. 16 Wall Street open as the FTX scandal appeared to claim another victim. Genesis Trading liquidity "exceeded" Data from Cointelegraph Markets Pro and TradingView showed BTC/USD trading around $16,400 at the time of writing. Downside had entered again for the pair amid news that Genesis Global Capital, the crypto lending arm of Genesis Trading, had paused withdrawals over liquidity problems. In a series of tweets on the day, Digital Currency Group (DCG), the parent company which counts Genesis Trading among its subsidiaries, attributed the decision directly to the FTX debacle. “Today …

Following the FTX bank run, which accelerated by Nov. 7, Bitcoin (BTC) price started to buckle and, by press time, lost 21% in five days. Among the victims of the swift market meltdown is the world’s largest institutional Bitcoin fund, the Grayscale Bitcoin Trust (GBTC). On Nov. 9, the GBTC closed at a record discount of 41%, with a price per share standing at $8.76. Overall, the GBTC has been gradually declining for almost a year since its peak position of $51.47 per share on Nov. 12, 2021. A structural problem of GBTC lies in the fact that it’s an …

U.S. investors have been waiting for a Bitcoin exchange-traded fund (ETF) approval since May 2014 when the Winklevoss Bitcoin Trust filed an amendment request at the Securities and Exchange (SEC). Over the years, the SEC has rejected every applicant and the latest denial was issued to WisdomTree’s application for a spot Bitcoin ETF on Oct. 11. The SEC concluded that the offer did not have the ability “to obtain information necessary to detect, investigate, and deter fraud and market manipulation, as well as violations of exchange rules and applicable federal securities laws and rules.” Bitcoin investment trust vehicles have existed …

Bitcoin (BTC) futures are starting to see record discounts as sentiment among derivatives traders worsens. In its latest dedicated report issued Aug. 23, analysis firm Arcane Research painted a worrying picture of morale among BTC futures participants. Futures basis revisits June lows After an initial shock during June’s BTC price drop, which has since held as a macro bottom, Bitcoin derivatives have not been the same. After an initial bounce, metrics are trending downwards, and this month are challenging records. Futures basis — the difference between futures contract prices and the Bitcoin spot price — is already back at lows …

The total crypto market capitalization fell off a cliff between June 10 and 13 as it broke below $1 trillion for the first time since January 2021. Bitcoin (BTC) fell by 28% within a week and Ether (ETH) faced an agonizing 34.5% correction. Presently, the total crypto capitalization is at $890 million, a 24.5% negative performance since June 10. That certainly raises the question of how the two leading crypto assets managed to underperform the remaining coins. The answer lies in the $154 billion worth of stablecoins distorting the broader market performance. Even though the chart shows support at the …

The largest Bitcoin investment vehicle, the Grayscale Bitcoin Trust (GBTC), is now trading at its biggest ever discount to the spot market. Data from on-chain analytics resource Coinglass shows GBTC shares down 34% versus Bitcoin (BTC)/USD on major exchanges as of June 17. GBTC suffers in market downturn Amid continued turmoil in decentralized finance (DeFi) spilling over to infect the crypto market, conditions have deteriorated for investors big and small. The latest figures now show that institutions have definitively failed to avoid the contagion, and the already underperforming GBTC has hit new lows. The GBTC premium, long a misnomer due …