Part 5/14:
The impact of Grayscale’s response is anticipated to diminish after FTX’s liquidation phase wraps up. Historical data suggests that the large outflows from Grayscale (originally around 69,000 BTC) have already shrunk to approximately 565,000–570,000 BTC, emphasizing a rapid clearing process.
On-Chain Indicators and Long-Term Trends
On-chain activities reveal notable shifts. For instance, the "Dormant Bitcoin" metric—a measure of long-term held Bitcoin that has recently moved—reached a five-year high only days ago, indicating that long-term holders are breaking open their wallets and deploying funds, possibly capitalizing on the recent lower prices.