#BitcoinPrice
#BTC
#Cryptocurrency
#Grayscale
#BitcoinETFs
#CryptoTrading
#BitcoinBears
#CryptoMarketTrends
Bitcoin’s price is experiencing noteworthy shifts due to a surge in selling pressure, with BTC bears starting to take control. Grayscale, the asset manager responsible for the Grayscale Bitcoin Trust (GBTC), plays a considerable role in this downward movement. Following the initiation of spot Bitcoin exchange-traded funds (ETFs) trading on January 12, Grayscale has executed a series of considerable BTC transfers to Coinbase, a US-based cryptocurrency exchange.
Data from Akhram Intelligence, along with the previously documented transfer of approximately 70,000 BTC (about $2.9 billion), suggests that Grayscale moved an estimated additional 8.5 million BTC (approximately $335 million). This significant move implies a possibility of further sales. These bearish activities have severely impacted Bitcoin’s price, which has seen a 20% plunge over the last week and a half. Amidst this dropping trend, Bitcoin’s largest cryptocurrency plummeted to around $38,500, challenging a vital support level. As some market participants project a further declination towards the $30,000 mark, the duration and outcomes of Grayscale’s sell-off spells uncertainty for Bitcoin’s future.
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