Bitcoin price drops to $23K in minutes despite huge new Grayscale buy-in

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Bitcoin (BTC) fell by nearly $ 1,000 in less than an hour on December 23, when spot markets refused to buy new good news from institutional investors.

Overview of the cryptocurrency market from Coin360.

BTC price joked near $ 24,000 selling wall

Data from Cointelegraph Markets, Coin360 and TradingView showed a surprisingly bearish trading session for Bitcoin on Wednesday, hitting local lows of $ 22,800.

It took less than 60 minutes for BTC / USD to come down from the highs of $ 23,718, confirming volatility as a feature of the current landscape as well as the selling pressure around $ 24,000.

At press time, the pair circled $ 23,000 as the market took a short respite to determine the direction before Wall Street opened.

BTC / USD 3-day chart. Source: TradingView

Grayscale adds $ 284 million BTC in one day

The move contrasts with the bullish accumulation that continues from institutional quarters, with Grayscale adding more BTC to its assets under management on Tuesday than the entire previous week combined. The week-long accumulation was admittedly lower, but still witnessed a new record high to Bitcoin.

Grayscale added 12,319 BTC ($ 284.5 million) on Tuesday, while last week’s figure was 11,512 BTC ($ 266.1 million). For context, Bitcoin miners are currently able to release around 28,000 BTC pr. Month in block rewards.

“Bad news for Bitcoin bears,” analyst Kevin Rooke commented at Grayscales continued commitment to Bitcoin buy-ins.

Like Cointelegraph reported, MicroStrategy, which now owns over 70,000 BTC, reportedly did not move the market with one-time acquisitions last week as it increased its reserves by $ 650 million.

Wednesday, meanwhile, saw further signs of new institutional offerings, with Coinbase suddenly experiencing a large outflow of what one analyst suspected was another over-the-counter purchase.

“$ 12,006 BTC flowed out of Coinbase a few hours ago. Like I said, it went to wallet-like wallets, ”Ki Young Ju, CEO of the on-chain analytics platform CryptoQuant, tweeted.

“It seems that Coinbase is making a new cold wallet for each customer following the OTC agreement for institutions. I am very bullish on $ BTC. ”



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