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# Crypto’s Implied Accumulation: Riding the Whipsaw
- URL: https://www.metatalks.ai/cryptos-implied-accumulation-riding-the-whipsaw/
- Published: 2023-08-30T06:48:35.000Z
- Updated: 2023-08-30T06:48:35.000Z
- Author: Katelyn Chow
- Tags: btc, bitcoin, crypto, cryptocurrency, price, analytics, forecast

After nine days of narrow-range consolidation, there’s finally a hard move in [$BTC](https://twitter.com/search?q=%24BTC&ref=metatalks.ai) (read crypto). What’s behind it, and how does it impact the mid-to-longterm perspective?

![](https://lh3.googleusercontent.com/O8pCMewtJ2CunKsrZQvKHxpQ8Z1fNX2rmK_krKhnUNo4FpzUPZ7OyUfyHFk6CdQB3gHmEuAnM4D5mgR34Vfy7bBsV6FJVqCi-4XTbTBzeIie0689B0mNITgdps83VQr9NkPrJXkl17Nk4P3fNONHiDm9-pb0_m_n)

It doesn’t take long to find the trigger for such a short-squeeze: [Grayscale won SEC lawsuit](https://cointelegraph.com/news/grayscale-wins-sec-lawsuit?ref=metatalks.ai) for Bitcoin ETF review (which doesn’t mean an automatic ETF approval, however).

![](https://lh5.googleusercontent.com/Vu9QJ0nvCU9HlFtoW90xTkA_ZdMs3hOoCmEIJ8goDODyxMoDWSyUqAyOCNyUdIryYXFu4XopS5TDOvBhPXwDsoiTke9vw3cGfOa6BMBOxY457BYFecP4RvG9xSSGfQ0NxK2qMtCDu3b0mR6nPPPMOJNkMhjZsvYM)

Shares of Grayscale’s BTC trust, [$GBTC](https://twitter.com/search?q=%24GBTC&ref=metatalks.ai), rose 13.5%, and the discount to NAV (Net Asset Value) narrowed to -19%.

![](https://lh4.googleusercontent.com/RPFARRbn-ttXEQuZDEC_OlQigteexMh5s-_5rzJ6jnXIgUzoy4zuWBDnAelb3Nhi2jDyWUvkq2p2tLZIVaiQOeQPX6IwSmXWzA6p4yZKfjr_tYdSDk4GIQfwGolwooxtsmB2eXr5A2wFV3Rhk6UrmZabUVQRUGxW)

While it may sound not that groundbreaking, it’s wise not to forget how large [$GBTC](https://twitter.com/search?q=%24GBTC&ref=metatalks.ai) is.

![](https://lh4.googleusercontent.com/C-2gYNjqQnhvaNhaiZvBe6cWrDsGIp2hD1-tkErsnaMTOHQAWK8JBFUCc6Hdar271_F-OqosCeOEWR7mpHk9eMMdMtOFk39CqLSQHGcMg8MHMuNdO3ZvzCHsx5vuosIVWUdgfxAagFk6jh95sLa93FzuZyyTnjxx)

And the last point on [$GBTC](https://twitter.com/search?q=%24GBTC&ref=metatalks.ai) for now, [pinpointed](https://twitter.com/DylanLeClair%5F/status/1696589102483747114?ref=metatalks.ai) accurately by Dylan LeClair of Bitcoin Magazine:

![](https://lh6.googleusercontent.com/YMGEEjeAUTP_w1urW5OpVuqUparJ9S20RI7cQSSzaM4hExsSkhfM7PQnX1j_qA-WbwOSHLPk6AeJaduTpV3EkOCKLv5e5q4qYCJ8jLlIphfCpBMw2_islKgL0Oq12UzPBCZfPY3BXjmv0TxI1r6bGIioPHGNQYQ7)

But does this massive short-squeeze signal a return to the uptrend? Many prominent traders on [#crypto](https://twitter.com/hashtag/crypto?ref=metatalks.ai) TwiXter are not so sure, saying something like, “Yeah, happy about SEC’s loss, but it’s not what I’m trading:”

![](https://lh5.googleusercontent.com/jrqsuVs7QImN3maTWRmi_gU_oKYSGHFkCSCeYy3WCP7_qGReVXOaY0v5NZpsLXE73jgLbnQMVNcPaGHOZsgoF2Arn4Dtv9ADzHemrq61wc76YMeqdavSiY46I124YRH2X3zqKivAdEehooU5GRYPshQDt_1NOz_K)

At the time of writing, this move ported [$BTC](https://twitter.com/search?q=%24BTC&ref=metatalks.ai) exactly to resistance:

![](https://lh5.googleusercontent.com/xHkS-bKVqgN4owDSUfTjkL78KLOT-k6dnBEgzaJ710x1D1oC9i6FEmH6TgggC7o4e143Xs8cT1g2O5V8U5j6hsrZGm0ass8wkcQN2R30xhQi0cZDA4Tm89HCnUsJrX4ji710LYpl_gDnKghkB0Tpl5SGyVui9GzA)

![](https://lh3.googleusercontent.com/QKO7HQ-D7Oc4Jhh9Hzb4u6CCGB6fm3ghFaxw7TfexcbahkgdS5aecA8rRCtuNVwmFLez4xNMoCocA2VfIwb_TrOi2Ns6VTOl1fkIx-edeLf9igG2ov6SGvuBcku5ZTmdGNj7uXqy2DVDZDuqYwNkOXpIELTJKDHx)

So it doesn’t make the picture any clearer. For now, it looks like a continuation of the market seesawing and uncertainty amidst the implied accumulation and building a base for a real macro upward move.

![](https://lh6.googleusercontent.com/sZoKe8JvGkOTtAsMWSaMjIuAgIdh5LcP30qPIqQkfF64L3sTSiOVogooL4-DyX8RYD6t0mLkyXn1F128e1emBexA5SY7Ez3FJKHhTmtJwxpRIgg76uz8T9iHNvsIf1iuJOeEce62TEzVrnkouqPvhbkLLtnsYvMp)

There are other bullish headlines…

![](https://lh3.googleusercontent.com/eq-oy0QWFODIW_j4VL-QQJZdqCMjCFY2FK6tPny3WNhsRo5tA5lugAhHaIwv2JSXTBEwQpD72hBdkSYt5VK3afl5_xkev8m5iffZyy7Ci9NrtgKEVJttzcQTRNQTcIb3He11Lj5R8EbrEgLnuVCQfQgEJ615DIJc)

…and bearish factors that should not be overlooked, too:

![](https://lh4.googleusercontent.com/mlLkY0LvR8glIYld-0HHoSf1pbGeclbxNF3YqUGRZ4jCLIyHIy-JPJbca_n2HShiQivsmYadr4ntKaooDjbZ_Y4HmyWIaXk_7dJEqW6g-aXDXHQ3cXpl4MzPvWy5DJbzMEGWtk_ybBd7ChFUhNZ9HtEENCGZ_BAn)

By the way, technically, in [$BNB](https://twitter.com/search?q=%24BNB&ref=metatalks.ai) the picture is about the same:

![](https://lh6.googleusercontent.com/YKZcAEjE_mnqd7_dc3lvZQe3hepKQM6a9i-McJllSJSwewqNm0I6wkgAmzCredvDCKmIlW3631_ed8HCZSTfXDXssRL7Dxq6VmMEnKblUZrIaUCEXXjcrQTK3bwmcGUZcUD74NgVLGLZcf3XMNdO1OcvnwJwfn4Z)

Longer-term, one can find some decent hopium in suggested pattern formations (although it looks [a little less optimistic](https://twitter.com/rektcapital/status/1696538395454115982?ref=metatalks.ai) on the monthly chart to date):

![](https://lh5.googleusercontent.com/qgL-meMXOvWohxt2Tqsox8ujhIE3Rg1nAJ3-DNiqxCkW4-NA2Gq2wiQ3ZVVBiUbMl5KB5kf2fIEsuLl4F8Yg42QJOMkgRUJXzK2ZZee56YsoiLEgm4zHiveem9asBoRdy7v9U7av9FSBAQKOnYwS-j0FdR7I52hI)

So, again, what to expect from the markets? [According to @CryptoMichNL](https://twitter.com/CryptoMichNL/status/1696593772547551569?ref=metatalks.ai),

![](https://lh5.googleusercontent.com/BKJHS3DvgGnM7vFGsmV6DXK_b1d_2PD9HGZ1hH7crTPkjnoxVs2aaGNL2nfXqKSZiWsDdvXgJh0PpDR_ch_FAsmvo35rh63d95cEwOfvtBp4CSuXmHUHDDPLhjdrjx25aKd6xhdp2cVqPCpXkdrQxjuSquUe9MRC)