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- Bitcoin price has dropped to near $40,480 after a 3% fall in the last 24 hours.
- BTC is under pressure as Grayscale continues to sell off Bitcoin amid GBTC outflows.
Bitcoin (BTC) has experienced another sell-off on Monday, with the cryptocurrency dropping over 3% to just above $40,400.
With the decline in BTC, the global crypto market cap has also fallen by around 4% in the last 24 hours to $1.65 trillion. Many altcoins are showing weakness, with Ether prices below $2,400, Solana below $87 and XRP below $0.52.
Injective, Near Protocol, and Avalanche have seen near double-digit losses in the past 24 hours.
Bitcoin price is struggling amidst Grayscale BTC dump
The flagship cryptocurrency’s troubles have intensified as GBTC issuer Grayscale Investments continued to transfer more BTC holdings to Coinbase Prime. Last week, prices plummeted due to increased GBTC outflows.
According to on-chain data from blockchain security and market intelligence platform Arkham Intelligence, Grayscale moved 15,308 BTC as trading markets opened on Monday. The total transferred amount has now reached over 63,991 as of January 22, 2024.
In total, Grayscale has deposited BTC worth over $2.68 billion to Coinbase Prime since its GBTC exchange-traded fund began trading on January 11.
Arkham data shows Grayscale still holds 549,116 BTC worth over $22.3 billion.
Grayscale deposited 15,308 $BTC($623.8M) to #CoinbasePrime again 50 mins ago.
Since the ETF was passed, #Grayscale has deposited 63,991 $BTC($2.68B) to #CoinbasePrime during the opening hours of U.S. stocks (14:30 UTC).
According to Arkham, #Grayscale currently holds 549,116… pic.twitter.com/i1LtKryu6W
— Lookonchain (@lookonchain) January 22, 2024
BTC price outlook
If GBTC related sell-off pressure continues to mount, Bitcoin price could swing below the critical support level. Chances of bears targeting lower areas are likely to increase should panic selling hit the market.
However, if bulls make a strong bounce from the current levels, Bitcoin price could aim for the $43k hurdle. The recent highs above $49k could be the main resistance zone in the case of a strengthened upward continuation.
BTC traded at $40,480 on Monday at 11:30 am ET.