Scaramucci Links Bitcoin's Dip to Grayscale and FTX: A Dual Cause Downturn?
January 14, 2024

“Hey there, crypto detectives! It’s time to put on our thinking caps because Anthony Scaramucci of SkyBridge Capital is serving some hot takes on Bitcoin’s (BTC) recent dip. And guess what? He’s pointing fingers at Grayscale and FTX. Drama in the crypto world? Always!

So, here’s the deal: Bitcoin was strutting its stuff, hitting a high of $49,000, especially after spot Bitcoin ETFs got the green light. Everyone was buzzing about a bull run with BTC possibly breaking the $50,000 barrier. But then, plot twist! BTC took a nosedive from its peak to $41,500. Ouch!

Scaramucci, in a recent chat with Bloomberg, spilled the beans on what’s behind this crypto rollercoaster. First up, he’s eyeing Grayscale’s GBTC product. Yes, the very same product that’s been the talk of the town in the crypto corridors.

But wait, there’s more! Scaramucci also waved a red flag at FTX, hinting they might be part of the downturn drama. After the ETF announcement, FTX reportedly started offloading assets, adding to the selling pressure.

Let’s dive a bit deeper. Grayscale’s GBTC product recently transformed from a trust to a spot BTC ETF. And what did investors do? They sold off their shares to cover losses and hopped onto cheaper trading fee alternatives. Meanwhile, Grayscale’s head honcho Zach Pandl is like, ‘Chill, folks. This is normal.’ He argues that selling a Bitcoin product to buy another shouldn’t really shake up BTC’s price.

But the plot thickens. GBTC moved a hefty amount of BTC to Coinbase, and this little move sent ripples of panic across the investor pool.

And Scaramucci? He’s also not ruling out the possibility that FTX’s asset liquidation post-ETF announcement played a role in the Bitcoin drop. He even hinted that the selling pressure in BTC might ease up in six to eight trading days.

So, there you have it, folks – Scaramucci’s two cents on why Bitcoin might be feeling a bit under the weather. As always, in the world of crypto, expect the unexpected!”

Stay tuned for more twists and turns in the ever-exciting saga of Bitcoin and the crypto market!