Bitcoin (BTC) Price Continues to Fall as Grayscale Deposits $588 Million on Coinbase

Bitcoin (BTC) Price Continues to Fall as Grayscale Deposits $588 Million on Coinbase

Grayscale investments has done a significant move by depositing an additional 15,222 Bitcoins (BTC), valued at approximately $588.5 million, on Coinbase Prime.

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Grayscale investments has done a significant move by depositing an additional 15,222 Bitcoins (BTC), valued at approximately $588.5 million, on Coinbase Prime.

This latest transaction is part of a broader trend, as Grayscale has transferred a total of 79,213 BTC (worth around $3.27 billion) to Coinbase Prime since the approval of the exchange-traded fund (ETF). Bitcoin.

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Currently, Grayscale’s total Bitcoin holdings stand at a staggering 535,755 BTC, which is equivalent to about $20.68 billion, according to Arkham data.

More volatility?

In the midst of these major fund movements, Fidelity CEO Jurrien Timmer weighed in and predicted continued volatility in the Bitcoin market.

Timmer opined that the recent approval of Bitcoin ETFs, while an important milestone for the widespread acceptance of the cryptocurrency, also introduces greater volatility.

Earlier today, Bitcoin price fell below the $39,000 level.

Optimism persists among some analysts

Despite the current market turbulence, some analysts remain optimistic about the future of Bitcoin. Prominent crypto figure Mike Novogratz recently shared bullish predictions for Bitcoin in 2024.

Contrary to the bearish stance of some market observers, Novogratz predicts an increase in the value of Bitcoin later this year.

He believes investors are likely to reinvest in other ETFs, particularly BTCO, which could boost the price of Bitcoin.

Novogratz highlighted the accessibility of these ETFs to a broader range of investors, including boomers.

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