Why Is Grayscale Selling Its Bitcoins? The Best Cryptocurrencies to Buy Now as Prices Fall

Grayscale, once an insatiable giant of Bitcoin accumulation, finds itself in an unprecedented situation. This radical transformation stems from the SEC’s approval of the conversion of their GBTC into a Spot ETF. This marks a decisive change in the investment strategy of this asset manager.

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Grayscale’s sales strategy: a market-imposed necessity

Historically, GBTC traded on over-the-counter markets and therefore did not offer a direct sales mechanism to investors. This led to a massive accumulation of bitcoins, valued at $30 billion according to Protos.

Now, as an ETF, Grayscale is forced to maintain a tight correlation between the price of GBTC shares and the fluctuating price of Bitcoin. This requirement leads to daily transactions, involving the buying and selling of BTC , to adjust the quantity held by the ETF based on price changes.

Additionally, the bitcoin ETF market has seen an explosion with the approval of 11 new ETFs. This therefore encourages investors to look for cheaper options than GBTC, which charges 1.5% annual fees .

This change in investor preference towards cheaper products forces the manager to sell bitcoins to meet the drop in demand for GBTC.

Bitcoin Minetrix (BTCMTX), an alternative to Bitcoin?

Bitcoin Minetrix is ​​a new crypto project focused on Bitcoin mining. It offers cloud mining based on a mechanism called stake-to-mine. This involves staking BTCMTX in order to receive mining credits which can be exchanged for mining power.

BTCMTX is the native crypto of the project and is currently in the pre-sale phase where almost $8.81 million has already been raised . The unit price of the crypto is around $0.0129. In less than 24 hours, the project will reach the 21st stage of its presale where the current price of the crypto will evolve.

Apart from purchasing BTCMTX, you can automatically stake them during the event to benefit from an APY of 73 %. In addition, Bitcoin Minetrix launched a giveaway called the Minedrop which rewards approximately 10 participants with $3,000 each. To participate in the game, you must go to the official crypto account and follow the instructions.

Solana (SOL)

Solana is a blockchain, which merges Proof of History and Proof of Stake , with a view to promoting the creation of efficient and scalable DApps. After experiencing a lackluster year in 2022, Solana was able to rise from its ashes with several innovations carried out in its ecosystem.

In 2023, the SOL token gained around 354% in the markets and even surpassed Ethereum in terms of popularity on social media.

Recently, following the success of its mobile Solana Saga , the project decided to launch a second version of the device which will cost less than the first.

In just less than 30 hours, more than 30,000 pre-orders were registered to purchase the phone.

Meme Kombat (MK)

Meme Kombat is a play-to-earn game in which users can bet on meme battles organized and animated using AI. You can bet in 4 different ways using the MK token, the project’s native crypto.

The latter is currently in the pre-sale phase at a unit price of $0.279. So far, $7.11 billion has already been raised by the project. Meme Kombat also allows investors to stake their MK tokens in the pre-sale phase. The proposed APY is 133%.

Currently, more than 29 million MK tokens are already staked within the project. Likewise, more than 9,600 people participate in this lucrative mechanism.

Recently, whales invested more than $15,000 in the pre-sale of the project, bringing it closer to its goal of $8 million for the current stage. The hard cap targeted by Meme Kombat is 10 million dollars.

Anita Max Wynn (WYNN)

Anita Max Wynn is a memecoin created at the end of December 2023. The concept of the project is inspired by a cartoon character and popularized by the rapper Drake, who adopted him as his alter ego. The crypto is issued on the Solana blockchain and has exploded on the Raydium DEX.

Currently, its marketcap exceeds $38 million on DEXTools and crypto is among the top 10 trends on the site. With the recent explosion of Solana and its memecoin ecosystem, WYNN is one of the assets to watch since it could repeat the performance of Bonk .

Over the last 24 hours, the crypto has increased by around 18% and its price is around $0.38 . Over the last 7 days, Wynn is gaining around 167%.

Launchpad XYZ (LPX)

Launchpad XYZ is an all-in-one hub for Web3 . The project’s developers designed it as a gateway that will allow Web2 users to better familiarize themselves with the various tools and features of Web3.

The project was launched in April 2023. LPX is its native token and provides access to several services such as: NFTs, play-to-earn, fractional assets, trading terminal, analytical tools, metaverse and many others.

LPX is currently in the pre-sale phase at a unit price of $0.0445. The total amount raised by the event is around $2.6 million.

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(Featured image by Kelly Sikkerna via Unsplash)

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