Today, Coinglass, an on-chain analytic firm, made a post on X (formerly Twitter) stating that Grayscale’s current Bitcoin holding is 292.27K BTC. However, upon reviewing the data, it is observed that Grayscale massively reduced its holdings by 40% in just 4 months. When the spot Bitcoin ETF (Exchange Traded Fund) was approved in the United States on January 10, 2024, during that period Grayscale’s Bitcoin holdings were nearly 500K BTC, and now it stands near 292.27K BTC.
Grayscale reduces its Bitcoin holding
Despite this massive drop in Bitcoin holdings, BTC never experienced a significant price fall; its price gradually increased during this period. However, following the approval of the Bitcoin ETF, Grayscale is the only asset management firm continuously outflowing its Bitcoin holdings through GBTC. In contrast, asset managers like BlackRock, Fidelity, and others continue to accumulate Bitcoin for their Bitcoin ETFs. As of writing, BlackRock’s iShare Bitcoin Trust (IBIT) holds 274.3K BTC.
In addition to Grayscale’s massive Bitcoin offload, the price of Grayscale Bitcoin Trust (GBTC) has increased by over 100% in just 6 months. Currently, GBTC is trading near the $56.1 level, and in the last 24 hours, it experienced a slight fall in its price.
Bitcoin price performance analysis
However, Bitcoin is trading near the $62,300 level, and in the last 24 hours, it has experienced nearly 3% upside momentum. Looking at Bitcoin’s performance over a longer period, in the last 7 days, its price experienced a surge of over 9%, whereas, in the last 30 days, it experienced a price drop of over 14%.
According to expert technical analysis, Bitcoin is currently experiencing strong resistance near the $64,500 level and in a shorter time frame, appears bearish. If market sentiment remains unchanged, there is a high possibility that Bitcoin’s price may drop to the $59,000 level. However, if the Bitcoin daily candle closes above the $65,000 level, then there is a chance that the Bitcoin price may initially hit $67,000 and later reach the $70,000 level.
Bitcoin is not the only cryptocurrency that experienced a price fall in the last 24 hours; other top cryptocurrencies like Ethereum, Solana, Dogecoin, Ripple, and others also experienced a price drop.
