The reversal lower in Bitcoin continues on Friday with the futures market now down almost 18% from YTD Highs. While many have simply written off the post-SEC reversal as mere profit taking and a ‘buy the rumour, sell the news’ mentality taking hold, there are some other dynamics at play here. Grayscale Investments had been offering investors OTC-traded shares in its Bitcoin Trust well ahead of approval (as far back as 2017), giving traders the opportunity to get in at a significant discount ahead of a spot-ETF eventually being approved. With that approval now in place, those early investors finally have an ... (full story)