Grayscale won its appeal against the SEC, and the judges ruled unanimously that the regulator's refusal to convert the trust fund into a Bitcoin spot ETF was "arbitrary and capricious". The appeal lasted over a year, and the ruling surprised most outside observers.

Bitcoin saw one of its best growth rates in the past 12 months within an hour, jumping 6%.

The rise could have been even stronger if insiders hadn't sent 30,000 BTC worth $800 million to crypto exchanges hours before the court ruling was released.

In a low-liquidity environment, it's difficult for whales to realise large volumes without a significant negative impact on the price. But in the event of strong bullish momentum, there are more buyers, making it easier to sell off inventory.

The average trade size exceeded $2,000 versus $850 the day before, indicating large participants' involvement in the game. 

Despite the slowing effect, the insider sell-off won't have a long-term negative impact. A decision in favour of Grayscale significantly increases the chances of both their fund being converted into an ETF and the approval of earlier applications to the SEC to launch similar ETFs.

Bloomberg analysts have already raised their forecast for ETF approvals this year and 2024 to 75% and 95%, respectively. The launch of ETFs will boost Bitcoin. According to various estimates, they'll attract $5-10 billion worth of investment from institutional participants in the first six months.

This would be equal to the bullish momentum of 2020-2021, when Grayscale accumulated over 600,000 BTC ($17 billion at today's prices), becoming the largest growth driver.

StormGain Analytical Group
(platform for trading, exchanging and storing cryptocurrency)