- Barry’s unexpected departure as CEO of Grayscale triggered a series of events in the crypto market.
- GBTC initiated a sell-off, resulting in a widening discount and exerting downward pressure on Bitcoin.
- Adam Cochran offered a positive perspective, likening the market adjustments to a Boxing Day sale.
In a recent slew of events shared by fintech executive and renowned crypto X analyst Adam Cochran, the crypto market experienced a series of notable changes. According to Cochran, this was set in motion by the unexpected departure of Barry Silbert as CEO of Grayscale.
crypto X analyst Adam Cochran
The timing of this leadership shift happened on Boxing Day, a holiday celebrated in the U.S. after Christmas when the markets are thin.
The repercussions were felt swiftly as Grayscale Bitcoin Trust (GBTC) initiated a sell-off, leading to a widening discount. The sell-off rippled through the broader market, exerting downward pressure on Bitcoin and contributing to increased volatility.
The domino effect continued as the sell-off dragged down Bitcoin, influencing wider market sentiment. Solana, in particular, faced challenges as overly long positions (OI) trigger…
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