Part 5/17:
Furthermore, the step down of Grayscale’s CEO amid ongoing large outflows from Grayscale’s Bitcoin Trust (GBTC) signals shifting institutional positioning and possibly reduced confidence in certain legacy products. These developments coalesce into a mixed narrative—while institutional interest appears strong, opacity and internal sell-offs suggest a cautious environment.
Onchain Activities and Miner Behavior
Onchain analysis reveals that Bitcoin mining operations may be selling at levels exceeding daily issuance—with three-day periods where produced Bitcoin was 10x and 9x the daily issuance. This suggests miners are fully sold out or liquidating holdings, perhaps to fund operations or capitalize on recent price rallies.