Rally

Bitcoin

Grayscale Bitcoin Trust

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-rally-faces-wave-of-investor-sell-offs" rel="noopener noreferrer nofollow">Bitcoin Rally Faces Wave of Investor Sell-Offs</a><br></p>
<p style="text-align: justify">Analyzing the recent fluctuations in <a href="https://en.bitcoinhaber.net/bitcoin-price-surges-to-highest-level-in-19-months-experts-predict-the-start-of-a-bear-market" rel="noopener noreferrer nofollow">Bitcoin</a> prices, data analytics firm Glassnode reported that the cryptocurrency experienced a significant rally on March 26, with prices soaring to $71,375. Although this indicated a surge towards the record high, the ascent fell short of setting a new benchmark. The report sheds light on the factors contributing to this outcome.</p>
<h2 id="surge-triggers-profit-taking-among-holders">Surge Triggers Profit-Taking Among Holders</h2>
<p style="text-align: justify">Bitcoin previously reached its zenith at $73,750 on March 14. The climb triggered a wave of profit-taking by investors, reminiscent of patterns observed prior to past block reward halvings. The crypto asset then underwent a 16% decline. Glassnode’s weekly analysis highlighted a marked spike in selling as the cryptocurrency approached its apex, with over $2.6 billion in profits realized. Notably, most Bitcoin that slipped from profit into loss during the downturn had been acquired for more than $61.2k, and these assets had exchanged hands recently.</p>
<p style="text-align: justify">A significant amount of the sell-off, around 40%, came from long-standing investors. Additionally, exits from Grayscale Bitcoin Trust (GBTC) played a substantial role in this sell-off. Since GBTC’s transformation into a spot ETF in January, the fund has experienced hefty outflows, including a single-day outflow of $212 million on March 26. However, these outflows have been counterbalanced by the entry of nine new ETFs in the US market.</p>
<h2 id="market-dynamics-and-altcoin-performance">Market Dynamics and Altcoin Performance</h2>
<p style="text-align: justify">Despite the sell-off, Bitcoin has maintained a relatively stable trading pattern and is valued around $70,000. This price represents a modest 4.6% dip from the March 14 all-time high. The overall cryptocurrency market capitalization stands at $2.79 trillion, 9.4% shy of its peak in November 2021. While certain altcoins like <a href="https://en.bitcoinhaber.net/binance-coin-soars-against-odds-with-notable-6-price-spike" rel="noopener noreferrer nofollow">BNB</a>, <a href="https://en.bitcoinhaber.net/xrp-whales-stir-the-crypto-waters-amid-etf-buzz" rel="noopener noreferrer nofollow">XRP</a>, AVAX, and TON have seen minor losses, others, including DOGE, SHIB, and ICP, have recorded appreciable gains.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/bitcoin-rally-faces-wave-of-investor-sell-offs" rel="noopener noreferrer nofollow">Bitcoin Rally Faces Wave of Investor Sell-Offs</a></h5>

Bitcoin Rally Faces Wave of Investor Sell-Offs

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