{"id":35278,"date":"2024-01-19T21:52:56","date_gmt":"2024-01-20T01:52:56","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=35278"},"modified":"2024-01-19T21:52:56","modified_gmt":"2024-01-20T01:52:56","slug":"bloodbath-for-bitcoin-grayscales-529-million-btc-move-to-coinbase-pushes-price-below-41000","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2024\/01\/19\/bloodbath-for-bitcoin-grayscales-529-million-btc-move-to-coinbase-pushes-price-below-41000\/","title":{"rendered":"Bloodbath For Bitcoin: Grayscale\u2019s $529 Million BTC Move To Coinbase Pushes Price Below $41,000"},"content":{"rendered":"

Bitcoin (BTC), the largest cryptocurrency in the market, has experienced a sharp drop below the $41,000 mark as exchange-traded funds<\/a> (ETFs) for Bitcoin went live on January 12.\u00a0<\/p>\n

The subsequent profit-taking, selling pressure, and outflows from Grayscale\u2019s Bitcoin Trust ETF (GBTC) played a significant role in the downward trend.<\/p>\n

Grayscale\u2019s Bitcoin Transfers To Coinbase Intensify<\/h2>\n

On Tuesday, NewsBTC reported <\/a>that six days ago, Grayscale initiated the first batch of BTC outflows from their holdings to a Coinbase, totaling 4,000 BTC (approximately $183 million) over six days.\u00a0<\/p>\n

However, the asset manager resumed outflows from the Trust to the exchange on Tuesday, sending an additional 11,700 BTC (equivalent to $491.4 million) to Coinbase.\u00a0<\/p>\n

Furthermore, on Friday, data <\/a>from Arkham Intelligence revealed that 12,865 BTC ($529 million) were transferred from the Grayscale Trust address to Coinbase Prime.\u00a0<\/p>\n

In total, the Grayscale Trust address has transferred 54,343 BTC ($2.313 billion) to Coinbase Prime during the opening hours of the US stock market over five consecutive trading days since January 12, which has undoubtedly contributed to the downtrend <\/a>in Bitcoin\u2019s price.<\/p>\n

Selling Frenzy Among BTC Miners<\/h2>\n

In addition to Grayscale\u2019s selling spree, there has been increased selling activity by Bitcoin miners ahead of the upcoming Bitcoin halving.\u00a0<\/p>\n

Crypto analyst Ali Martinez highlights <\/a>that on-chain data from CryptoQuant indicates a substantial increase in selling activity by BTC miners. In the past 24 hours, miners offloaded nearly 10,600 BTC, with a value of approximately $455.8 million.<\/p>\n

The persistent selling pressure has caused BTC to trade at $40,900, reflecting a slight 0.2% decrease over the past 24 hours.\u00a0<\/p>\n

The downtrend has been evident across various time frames, with declines of 5%, 6%, and 7% over the seven, fourteen, and thirty-day periods, respectively. However, despite these recent setbacks, Bitcoin remains remarkably positive year-to-date, with an impressive 98% gain.<\/p>\n

Overall, the combined impact of Grayscale\u2019s Bitcoin Trust ETF outflows and increased selling activity by miners has intensified the downward pressure on Bitcoin\u2019s price, breaching the critical support <\/a>level of $41,000.\u00a0<\/p>\n

The focus now turns to how Bitcoin bulls will defend the crucial $40,000 support level, which stands as the last line of defense before a potential dip toward the $37,700 mark.<\/p>\n

Should this support level fail to hold, the Bitcoin market could witness further price declines, potentially pushing the price down to the $35,800 mark. However, with the Bitcoin halving scheduled for April, bullish investors are hopeful that this event will catalyze a significant bull run.<\/p>\n

Featured image from Shutterstock, chart from TradingView.com<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin (BTC), the largest cryptocurrency in the market, has experienced a sharp drop below the $41,000 mark as exchange-traded funds<\/a> (ETFs) for Bitcoin went live on January 12.\u00a0<\/p>\n

The subsequent profit-taking, selling pressure, and outflows from Grayscale\u2019s Bitcoin Trust ETF (GBTC) played a significant role in the downward trend.<\/p>\n

Grayscale\u2019s Bitcoin Transfers To Coinbase Intensify<\/h2>\n

On Tuesday, NewsBTC reported <\/a>that six days ago, Grayscale initiated the first batch of BTC outflows from their holdings to a Coinbase, totaling 4,000 BTC (approximately $183 million) over six days.\u00a0<\/p>\n

However, the asset manager resumed outflows from the Trust to the exchange on Tuesday, sending an additional 11,700 BTC (equivalent to $491.4 million) to Coinbase.\u00a0<\/p>\n

Furthermore, on Friday, data <\/a>from Arkham Intelligence revealed that 12,865 BTC ($529 million) were transferred from the Grayscale Trust address to Coinbase Prime.\u00a0<\/p>\n

In total, the Grayscale Trust address has transferred 54,343 BTC ($2.313 billion) to Coinbase Prime during the opening hours of the US stock market over five consecutive trading days since January 12, which has undoubtedly contributed to the downtrend <\/a>in Bitcoin\u2019s price.<\/p>\n

Selling Frenzy Among BTC Miners<\/h2>\n

In addition to Grayscale\u2019s selling spree, there has been increased selling activity by Bitcoin miners ahead of the upcoming Bitcoin halving.\u00a0<\/p>\n

Crypto analyst Ali Martinez highlights <\/a>that on-chain data from CryptoQuant indicates a substantial increase in selling activity by BTC miners. In the past 24 hours, miners offloaded nearly 10,600 BTC, with a value of approximately $455.8 million.<\/p>\n

The persistent selling pressure has caused BTC to trade at $40,900, reflecting a slight 0.2% decrease over the past 24 hours.\u00a0<\/p>\n

The downtrend has been evident across various time frames, with declines of 5%, 6%, and 7% over the seven, fourteen, and thirty-day periods, respectively. However, despite these recent setbacks, Bitcoin remains remarkably positive year-to-date, with an impressive 98% gain.<\/p>\n

Overall, the combined impact of Grayscale\u2019s Bitcoin Trust ETF outflows and increased selling activity by miners has intensified the downward pressure on Bitcoin\u2019s price, breaching the critical support <\/a>level of $41,000.\u00a0<\/p>\n

The focus now turns to how Bitcoin bulls will defend the crucial $40,000 support level, which stands as the last line of defense before a potential dip toward the $37,700 mark.<\/p>\n

Should this support level fail to hold, the Bitcoin market could witness further price declines, potentially pushing the price down to the $35,800 mark. However, with the Bitcoin halving scheduled for April, bullish investors are hopeful that this event will catalyze a significant bull run.<\/p>\n

Featured image from Shutterstock, chart from TradingView.com<\/p>\n

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