Bitcoin crashed 10% because of Grayscale (GBTC) but is ready to recover soon

On Jan 13, 2024

In the last 24 hours, the trade price of Bitcoin crashed rapidly by nearly 10%. Analysts believe the situation will be back in a bullish phase soon within a week.

The current trade price of Bitcoin (BTC), the top crypto asset by market cap, is $42,569 & this trade price is 7.40% down over the last 24 hours trade price.

Bitcoin crashed 10% because of Grayscale (GBTC) but is ready to recover soon 1

On 12 Jan 2024, the Bitcoin trade price crashed from $48.5k to $41.9k.

Many people claimed that a crash in the trade price of Bitcoin took place because the popular digital assets fund manager Grayscale moved 894 Bitcoins.

Bitcoin Price is dumping as people are dumping their GBTC shares.

GBTC held $25bn+ worth of Bitcoin that has been locked up for years with no option to be sold. As soon as the redemption option opened, for the first time people are starting to exit – as they exit the Bitcoin… pic.twitter.com/EqHgpHyVdd
— Ran Neuner (@cryptomanran) January 12, 2024

As per reports, Grayscale took this action to allow the Green Bitcoin (GBTC) investors to redeem their GBTC investment money.

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Some analysts claim that Grayscale’s Bitcoin movement was not responsible for the Bitcoin crash because already this fund manager moved $119 million worth of Bitcoin without any impact on the trade price of Bitcoin.

It is believed that Grayscale is holding the highest amount of Bitcoin on behalf of customers, more than any individual or any company holding Bitcoins. According to Arkham data, Grayscale holds nearly $16 billion worth of cryptocurrencies.

It is worth it to note that Grayscale never published its Bitcoin addresses, so all the estimations are only a part of guesses but the valuation of GBTC is proof that Grayscale holds the highest amount of cryptocurrencies in this world.

SkyBridge Capital founder Anthony Scaramucci also shared his opinion on this significant Bitcoin crash and dragged his finger toward Grayscale.

Earlier this, Zach Pandl, Grayscale’s managing director of research, confirmed that redemption of GBTC investment GBTC investors will not impact the trade price of Bitcoin because people will redeem their Bitcoin fund to buy another Bitcoin fund.

Some veteran Bitcoin traders suggested investors take this moment as an opportunity to accumulate more Bitcoin because after 2 & half months Bitcoin halving event will take place & that will bring another level of hype around Bitcoin.