The gbtc discount ran all the way back To 8% and I will be exactly explaining About what this means for Bitcoin on Today's update video I will also discuss The most important charts on the market Right now here and of course much much More so without any further Ado don't Forget to slap up that like button back About 400 likes on today's update video With that of being said let me jump Straight away in towards the content and Yes just like I discussed yesterday Bitcoin has right now officially broken Above this very important lower high Structure and right now is forming Higher highs on the imminent short term And is actually flipping this previous Level of resistance currently into Support and usually over the course of The weekends Bitcoin tends to be going Sideways so let's see how it is going to Be playing out here but definitely Bitcoin looks to be creating a next big Move anytime soon again because looking Here at the forly time frame Bitcoin you Can clearly see it it's still creeping Up and up and up and I explained this in Yesterday's video I think this is Happening due to the the fact that People are anticipating the Bitcoin Sport ETF and that they don't want to be Selling their Bitcoin moments before the Sport ETF is potentially getting Accepted because yes since the final

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Deadline is going to be here in like 43 To 44 days that is the time where we're Also expecting the Bitcoin SP ETF is Going to get accepted so yeah it makes No sense for people to sell right now And that is why we can see that there's Almost no sell pressure in the price Section of Bitcoin and that is why there Also likely that we probably will just Continue to keep going up here at the Same time we can currently see that Bitcoin of course is clearly breaking Out of the symmetrical triangle the Price Target is still laying around 39.7k however if I'm looking at the Imminent shortterm for Bitcoin right now What we can currently clearly see is That clearly on the 12-hour time frame This is the big level of resistance for Bitcoin ahead of us it's that $ 38,000 Us level every single time Bitcoin tests This level we see a big rejection from It so yeah this is a level I'm going to Be looking very closely towards but once We confirm the break up of this level That would really be also the Confirmation for me for me okay ragna Were breaking outside of the range and Then we could continue higher this was a Small little fake out we got the other Day because yes I discuss this on my Channel as well I was looking at this Big liquidity level laying around $38,000 were approximately $800 million

Us in short positions were laying and I Was expecting that we're going to get Squeezed and yes that is exactly what Happened we got squeezed out and then Bitcoin went up here so right now we're Looking at about where are the majority Of the orders set up here we can clearly See that basically right now there are No big liquidations ahead of us or below Us so people are a little bit more Calmly right now here and once again if We see a lot of orders power up on a Certain level you will be the first one To know here on the channel because Usually Bitcoin tends to be moving Towards that level just like it was at $38,000 and that is how I made a Significant amount of profit also with My trade right here so far I've already Closed 30% of my trade and managed to be Cashing out more than $4,000 and Currently still in an approximately Unrealized profit of about 6,000 years So yeah the trade is doing pretty well And I am actually expecting that Bitcoin Can still go even up a little bit more And once it does so I'm going to take Some more profits out and if I Completely took all my profits out of The trade I'm going to be looking at the Next trade and if you are interested in Following me as well my next trade make Sure to subscribe to the channel because Then you're going to stay up toate

Exactly about all the trades that we're Going to take here on the channel and Honestly further on guys if you want to Be trading yourself make sure to go to The link description of today's video Because you can currently claim an Insane air dral position worth $1,000 For only depositing $100 on the exchange All you need to do here is go to the Link description to sign up on an Account then you have to make a deposit Of $100 in your first seven days Complete kyc and after that you will be Able to claim this insane airw position Worth $1,000 us for only depositing $100 So if you're interested make sure to go To the link description of today's video It's valid for a limited time only and You could claim it on on bitcoin Ethereum or either on Pepe whatever you Prefer so let me actually right now talk About the massive discount here on the Grays skill BTC premium so what we can See here here on coin glass is that the Bitcoin Grays skill BTC premium ran all The way down to 8% here and you can see It here in this chart the discount has Been coming down massively and I've said This several times before what is the Reason for the discount coming down I Honestly believe it are the institutions That are right now betting on bitcoin Because let's say you're an institution You of course want to be buying your

Bitcoin through gray skill because if You're buying Bitcoin right now through G great skill you still can buy it with An 8% discount what basically means an 8% below the market price you can buy it So that is for $34,000 in this case but In the bare Market it had a 50% discount At $16,000 so you could have bought Bitcoin for $8,000 but what this basically means Here is that let's say you are Anticipating the Bitcoin spot ETF is Going to come why would you buy Bitcoin On the market well in fact you could Also buy it on Gray scale and if you do So if the ETF gets accepted the Grayscale fund will be also turning into Towards an ETF and that will allow you To actually sell your Bitcoin so that Could potentially create you a massive Massive good investment so what these Institutions are doing they are Speculating on the acceptance of the Bitcoin sport ETF and they're using the Grays skull premium to actually buy Cheap Bitcoin to manage to be cashing in That profit so it's a very smart way to Do so and honestly and due to the fact That the discon has been running so low Right now here it is really an Indication that large institutions are Definitely interested in buying so it's A good thing that the premium rate from Gray skill is coming down so massively

And it is almost back at zero and Honestly the last time it was at zero All the way back here in February 2021 That was the point it started to go Negative and ever since it's been going Super negative or the Great skill Premium so yeah big developments are Happening and this is just another Indication that large institutions are Also betting on the potential acceptance Of a Bitcoin sport ETF because right now If you're buying gray scale you can't Actually sell your Bitcoin because it's Locked in the fund but if they Grant the Approval for that's Bitcoin sport ETF You can actually sell off your Bitcoin And you could make a ton of money so What we're seeing is that there is a lot Of speculation that that spot ETF is Going to get accepted getting bet here On the gray skill premium chart so that Is a good thing here and of course we Are expecting it's going to be happening In the coming 43 days because I posted This two days ago here guys so in the Coming 4 to3 days we're expecting that The Bitcoin SP ETF is going to get Accepted and that is going to cause Probably massive massive buy pressure on The price section of Bitcoin so yeah Bitcoin is still trading against the $388,000 level still getting rejected by It and honestly here on the daily time Frame I've been talking about the trend

I've been talking about what we're Thinking about it honestly I think Bitcoin will remain to be strong here Until the ETF gets accepted and once it Gets accepted I will be expecting we're Going to see a big pump and then a big Dump and then in the coming two weeks Once it is actually going live on the Market it's going to be pumping again Here so this is will be my expectation For the Bitcoin sport ETF the Behavior Uh so let's see how that is going to be Playing out but the weekly time frame Everything is looking super good here For Bitcoin and honestly for ethereum The gro ethereum fund is currently only In a 12% disc kind right now here Honestly ethereum is currently training Against one of the most important levels Of resistance and if it breaks Above This level it would also really confirm That break back in towards the bull Market territorium you can basically see That this level for Bitcoin the middle Line here that is divining the bull and Bare market for ethereum that is also This level right here right so this Level for ethereum is the same level and We're currently retesting it we saw some Massive rejection from this level so Yeah once again if we can break Potentially Above This level will be a Very good thing for ethereum but anyways This was it for me in today's update

Video thank you so much for watching and I'll see you guys on the next one peace Out goodbye

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