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GBTC Sellers Buying Bitcoin As Genesis Bankruptcy Fears Grow, Says Crypto Analyst

Popular analyst Willy Woo said that the fear of Genesis going bankrupt is one of the major factors retail investors are selling Grayscale Bitcoin Trust (OTC:GBTC) shares.

What Happened: On Monday, Woo tweeted that the pessimistic attitude surrounding GBTC has been favorable for Bitcoin (CRYPTO: BTC). “The GBTC fears is a bearish cloud hanging over the market. But counterintuitively part of the impact has been bullish for BTC price,” he said.

According to Woo, over 37.5% of investors who sold GBTC bought spot BTC to take custody. 

On Nov.22, Cathie Wood-led ARK Investment Management bought over 176,000 shares of GBTC at an estimated valuation of $1.46 million. The purchase was done via the ARK Next Generation Internet ETF (NASDAQ:ARKW).  ARK’s purchase came at a time when the GBTC fund is gaining focus due to the asset manager stating it will not share the proof of reserves with customers. 

See More: Best Crypto Apps

Price Action: Apex crypto Bitcoin traded lower on Monday evening at $17043.42, according to Benzinga Pro.

Read Next: Bitcoin, Ethereum, Dogecoin Struggle With Rate-Hike Anxiety: Analyst Says Crypto Relief Rally 'Isn't Over'

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