Analytics firm Santiment has found that crypto whales purchased Bitcoin (BTC) in the day leading up to Grayscale’s court victory over the U.S. Securities and Exchange Commission (SEC). Santiment suggests that certain whale and shark addresses “may have known a thing or two” about the win before it was announced, noting that wallets holding between 10-10,000 BTC accumulated a collective $388.3 million worth of Bitcoin the day before the news broke.

Bitcoin jumped from trading around $25,964 before the Grayscale victory to a high of $27,975 in the hours afterward, an increase of more than 7.7%. The top-ranked crypto asset by market cap has since lost a portion of those gains and is trading around $27,275 at the time of writing.

Earlier this week, a federal judge ruled that the SEC must reconsider Grayscale’s application to convert the Grayscale Bitcoin Trust into an exchange-traded fund (ETF). Grayscale initially sued the SEC in June 2022, claiming that the regulatory body’s rejection of their ETF application was discriminatory. The judge said the SEC needs to reconsider the company’s application to avoid arbitrariness and inconsistency.

Santiment also notes that old-school BTC hard fork altcoin Bitcoin Cash (BCH) was one of the biggest beneficiaries of the Grayscale news. BCH jumped from trading around $190 on Tuesday morning to a high of $225.29 later that day, an increase of more than 18.5%. The 18th-ranked crypto asset by market cap has since lost some of those gains and is trading at $214.47 at the time of writing. Grayscale offers exposure to BCH through its Grayscale Bitcoin Cash Trust.

This News Article was automatically generated by Bob the Bot (AI)

Information	Details
Geography	North America
Countries
Sentiment	neutral
Relevance Score	8
People	None
Companies	Grayscale Bitcoin Cash Trust, Bitcoin Cash (BCH), U.S. Securities and Exchange Commission (SEC), Grayscale Bitcoin Trust, Grayscale
Currencies	Ethereum, Bitcoin, US Dollar
Securities	None