Key Points
- Grayscale transferred about 6,200 BTC worth approximately $434 million to Coinbase.
- Bitcoin is now trading just a little above $70k on CoinMarketCap.
Grayscale has just transferred about 6,200 BTC worth approximately $434 million to Coinbase.
Bitcoin is now trading just above $70k on CoinMarketCap, the coin seeing a rise in price of approximately 7% in the past seven days.
While BTC enthusiasts are commenting on X that this amount that Grayscale has just transferred is not much compared to BTC ETFs inflows, it’s still a significant move coming from the firm.
The news that Grayscale Investments moved 6,200 Bitcoin (BTC) to Coinbase Prime has sparked some conversation in the crypto world.
Grayscale has not offered official information about the latest move that they made.
However, some analysts speculate that Grayscale might be preparing to sell Bitcoin, potentially impacting the market price. Without more information, it’s difficult to confirm this.
10 more days to Bitcoin halving
We’re just 10 days ahead of the Bitcoin halving, which is scheduled to take place on April 20.
Bitcoin continues to trade above the important $70k level ahead of the halving.
After a rocky start in Q2 2024, Bitcoin managed to recover from a low of approximately $64k, and BTC got extremely close to its ATH. BTC reached prices above $72k recently.
There are some notable optimistic predictions regarding the price of Bitcoin for the near future and the crypto market in general. Adam Back and Mark Hougan are just some of the important names who addressed the issue, with Back expecting new ATHs soon.
In a recent weekly investor note, Matt Hougan stated that institutions are expected to invest over $1 trillion in Bitcoin through ETFs in the upcoming year.
Historically, Bitcoin halvings have been linked with important market volatility and significant fluctuations in the cryptocurrency’s price. These events have often preceded substantial bull runs in the Bitcoin market.