Grayscale Bitcoin Trust victory sparks surge in market activity and narrows GBTC discount

Quick Take

The cryptocurrency market has seen significant activity after Grayscale Bitcoin Trust’s (GBTC) victory over the SEC.

Over the past 24 hours, liquidations in the crypto market amounted to $171 million, while shorts represented an even more significant segment at $119 million. This flurry of trading activity, likely influenced by GBTC’s legal triumph, is reflected in a notable 6% rise in futures open interest. This increase primarily stems from crypto margin trades on the Bitmex exchange.