Bitcoin (BTC) Price Keeps Crashing as Grayscale Deposits $588 Million to Coinbase

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

This latest transaction forms part of a larger trend, with Grayscale having transferred a total of 79,213 BTC (worth around $3.27 billion) to Coinbase Prime since the passage of the Bitcoin exchange-traded fund (ETF). 

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Currently, Grayscale's total Bitcoin holdings stand at a staggering 535,755 BTC, amounting to about $20.68 billion, according to data from Arkham.

More volatility?

Amid these significant fund movements, Fidelity Executive Director Jurrien Timmer has weighed in, predicting ongoing volatility in the Bitcoin market. 

Timmer opined that the recent approval of Bitcoin ETFs, while a significant milestone for the cryptocurrency's mainstream acceptance, also introduces heightened volatility. 

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

Optimism remains among some analysts

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

Contradicting the bearish stance of some market watchers, Novogratz predicts a surge in Bitcoin's value later this year. 

He believes that investors are likely to reinvest in other ETFs, particularly BTCO, thus potentially driving up Bitcoin's price. 

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