Bitcoin has seen a significant drop in price, falling to $64,000 as large outflows from the Grayscale Bitcoin Trust (GBTC) continue. This has raised concerns among investors and analysts about the future of the cryptocurrency market.
GreyScale’s Bitcoin Trust (GBTC) has seen a significant decrease in its Bitcoin holdings, falling by 33% since its conversion. This notable shift in the company’s digital asset portfolio has caught the attention of investors and analysts alike.
The digital asset management firm, Grayscale Investments, has likely completed its profit-taking phase for its Grayscale Bitcoin Trust (GBTC), according to analysts at JPMorgan. This positive development is expected to ease the selling pressure on Bitcoin.
The continuous decline of Bitcoin’s price has left many investors and analysts pondering on when the bleeding of Grayscale Bitcoin Trust (GBTC) will come to an end. As a result, the cryptocurrency market witnessed a significant drop, pushing Bitcoin’s price below the $39,000 mark.
Bitcoin, the world’s largest cryptocurrency, is facing a potential dip in its price as investors offload a staggering $600 million worth of shares from the Grayscale Bitcoin Trust (GBTC). This significant development has sent shockwaves through the market, raising concerns about the continuous downward pressure on Bitcoin’s valuation.
Cathie Wood, the influential CEO and founder of ARK Invest, has made a groundbreaking move in the cryptocurrency realm. CNBC Crypto World reports that Wood’s company has invested in the ProShares Bitcoin Strategy ETF, marking a significant shift after exiting the Grayscale Bitcoin Trust (GBTC).
