Grayscale’s Bitcoin sale unlikely to have driven BTC price lower, profit taking is likely driver

From fxstreet.com

Grayscale, one of the largest crypto asset management firms and one of the issuers of the Bitcoin Spot ETFs, sold 60,000 BTC. While it may seem obvious that Grayscale’s Bitcoin sale likely increased the selling pressure on BTC, experts have presented an alternative view. It is likely that profit-taking activities by large wallet investors drove BTC price lower. This factor influenced Bitcoin price in the aftermath of ETF approval: According to a CryptoQuant expert, Julio Moreno, Bitcoin price correction is likely due to the profit-taking activities of traders, rather than Grayscale’s BTC sale. The expert ... (full story)