On April 4, 2024, the overall market is quite unpredictable as it shows both bearish and bullish sentiments simultaneously. Despite the confusing market sentiment recently, asset management giant Grayscale offloaded a massive 1,252 Bitcoin worth around $84.5 million, while at the same time, another asset management firm, Fidelity, added a massive 1,771 Bitcoin worth around $119.5 million to its holdings according to the data from Lookonchain an on-chain analytic firm.
Grayscale offloads massive Bitcoin
However, despite Fidelity’s massive Bitcoin purchase, the 9 other spot Bitcoin ETF providers, including Grayscale, added 1,991 Bitcoin worth around $134.3 million.
Besides this massive offload of Bitcoin, Grayscale remains at the top position in terms of Bitcoin holdings, currently holding over 328K Bitcoin worth over $22.1 billion. Asset management giant BlackRock ranks 2nd as it holds over 257K Bitcoin, and Fidelity maintains the 3rd position with over 147K Bitcoin.
However, this is not the first time that Grayscale has offloaded a huge amount of Bitcoin. Earlier, on April 3, 2024, Grayscale offloaded a massive 4,354 Bitcoin worth over $287 million.
Bitcoin price-performance analysis
With all these actions toward Bitcoin, it is currently trading near the $68,000 level, and in the last 24 hours, it experienced over a 2.5% upside momentum. Additionally, during the same period, Bitcoin reached a low of $66,270 and a high of $68,000. Looking at Bitcoin’s performance over a longer period, in the last 7 days, Bitcoin experienced over a 4% downside momentum, whereas, in the last 30 days, it experienced a decent 2% upside momentum.
According to expert technical analysis, Bitcoin on a weekly timeframe is still bullish. This is because, on the weekly timeframe, Bitcoin closed with a weekly candle above $71,000 for the first time in history. Meanwhile, the price fall in Bitcoin might be attributed to profit booking or price correction ahead of Bitcoin halving.
