🚨 "OLD MAN" GRAYSCALE TAKES ACTION: LOCKING UP MORE THAN 120 MILLION USD $ETH , ENDING THE HOPES OF THE SHORT SIDE?
The data on the chain has just recorded a macro move of catastrophic nature from the giant asset management fund Grayscale.
They are not only buying, not only storing, but they have just made an action of absolute commitment to the ETH network.
📊 Analyzing the "supply lock" historical move:
- Just in the last few hours, Grayscale has conducted a large amount of ETH staking through a leading custody platform in the U.S.
- The exact number is 57,600 ETH that has been put into Staking contracts.
- The locked-up assets are worth up to 121.62 million USD.
💡 Perspective from the Tis channel: A perfect supply shock!
- Let's take a step back to string together the events. From morning until now, we see a series of whales, institutions, and even those who previously shorted rushing to buy ETH off the exchange. And now, Grayscale is throwing 120 million dollars into Staking.
- The Staking action has an extremely brutal macro significance for the Short side:
- When a giant institution stakes ETH, it means they intend to hold for a long time to earn network interest. They have no intention of "swing trading" or unloading in the short term.
- This 57,600 ETH is officially withdrawn from liquid circulation. The floating supply in the market is shrinking rapidly. When the Short side needs to buy back ETH to cover losses, they will realize that no one wants to sell to them at this cheap price anymore!
Today's on-chain events are truly a "textbook" scenario of a wave leg. The Long side can definitely rest easy tonight!