On August 29, Bitcoin (BTC) went from $25,900 to $28,100 (+8.6%) in less than three hours amid positive news regarding the Federal Court ruling on the Grayscale v. SEC case about the regulator’s decision on the spot Bitcoin ETF.
“Somebody always knows.”— Lark Davis (@TheCryptoLark on X)
The above comment was made to a post by the crypto analyst Ali Martinez (@ali_charts). “Signs of Bitcoin manipulation?”, questions Ali while showing that around 30,000 BTC was sent to cryptocurrency exchanges just a few moments before the positive news and the price pump.
“Whales and Sharks may have known a thing or two”, says Santiment Pro analyst
Notably, an analyst from behavior analysis platform Santiment suggested something similar while pointing to on-chain data showing that Bitcoin addresses holding between 10 to 10,000 BTC were accumulating over $388.3 million in Bitcoin on August 28 — the day before the positive news about Grayscale spot Bitcoin ETF case against the SEC.
“Whales & sharks may have known a thing or two about the outcome of the Grayscale and SEC lawsuit.”— Santiment Sanbase Pro (@santimentfeed)
Bitcoin miners sold the pump from Grayscale v. SEC news
In this context, Glassnode also reported a 1-month high for Bitcoin miners‘ outflow volume. An on-chain metric following the amount of BTC leaving addresses that receive the block subsidy reward (known as a ‘coinbase transaction’).
As seen in the chart, the 1-month high was reached on August 29, starting to aggressively increase a few moments before the news (and the price pump), making the new highs of $1,63 million in Bitcoin miners’ outflow volume at the same time the price went up.
According to Glassnode, the same metric, measured in Bitcoin units, also reached the 1-month high moments before the price surge. For a total of 55.483 BTC outflowing from Bitcoin miners’ addresses.