Grayscale and FTX’s Selling Pressure Contribute to Bitcoin’s Downward Trend

• SkyBridge Capital’s founder comments that BTC’s decline following the ETF approval is partially due to GBTC’s selling pressure.
• Scaramucci also relates Bitcoin’s downward trend to FTX’s increasing sale of Bitcoin.
• Despite bullish predictions on BTC, the crypto experienced a bearish track following the ETF approval.

Bitcoin has been witnessing a downward trend since the Securities and Exchange Commission’s (SEC) approval of the Spot Bitcoin ETF launch. Anthony Scaramucci, the founder of the investment management firm SkyBridge Capital, recently commented that Bitcoin’s decline is partially driven by the selling pressure of Grayscale’s GBTC.

Despite anticipating a bull market following the Bitcoin ETF launch, Bitcoin experienced a notable decline after the SEC’s move. Bitcoin, which stood around 46k on January 10, went down to $44,914 on January 11. With fluctuations over the last 2 days, Bitcoin currently stands at a price of $43,064.73, with a substantial decline of 6.74% in one day. The cryptocurrency’s current price marks a decrease of 1.38% in one week and 5.13% in one month.

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