The current price offers little improvement on where Bitcoin started the year.
BTC’s decline may be linked to Grayscale Bitcoin Trust unlocking a large chunk of shares over the weekend, giving investors their first chance to sell in six months.
Other factors that haven’t been helping matters related to the fact that on-chain activity has remained “extremely muted” in the past week, according to Glassnode.
Its latest report suggests “Bitcoin block space and on-chain settlement is low, mined blocks are not full, and the utilization of the network is relatively low.”
Elon Musk to Attend Bitcoin Conference
In other developments, it has been confirmed that Elon Musk is going to discuss Bitcoin with Jack Dorsey at a conference on Wednesday — something that could give the markets a little something to cheer about.
“The B Word” is an online panel that has been organized by the Crypto Council for Innovation, and other attendees will include Cathie Wood and Adam Back.