The cryptocurrency market has seen a surge in prices after Grayscale’s victory against the US Securities and Exchange Commission (SEC). Bitcoin rallied to $28k before settling near $27.4k, while altcoins followed suit. On-chain analyst Ali Martinez revealed that nearly 30,000 BTC were sent to crypto exchanges ahead of Grayscale’s triumph over the SEC, boosting the exchange supply from 1.13 million to 1.16 million BTC.Santiment also highlighted a substantial increase in the supply of Bitcoin on exchanges leading up to the event. The rally was driven by the derivatives exchanges and not spot ones, according to a CryptoQuant analyst. Bitcoin reserves of US-based exchanges have declined by at least 30% and up to 50% or more while the reserves on offshore trading venues, offering derivatives trading, ramped up.It appears that investors had foreseen the potential price surge and taken proactive measures by moving coins to exchanges in anticipation of this development. The surge in prices is likely due to the fact that the US court ruled in favor of the crypto asset manager on August 29th.

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Information	Details
Geography	North America
Countries
Sentiment	neutral
Relevance Score	8
People	Santiment, Ali Martinez, CryptoQuant analyst
Companies	Santiment, Grayscale, Binance, PrimeXBT, CryptoQuant, US Securities and Exchange Commission (SEC), Ali Martinez
Currencies	Ethereum, Bitcoin
Securities	None