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

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

Market overview of cryptocurrencies from Coin360.

The BTC price scared near the $ 24,000 sales wall

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

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

At press time, the pair orbited $ 23,000 as the market paused briefly to determine direction before Wall Street opened.

BTC / USD 3-day chart. Source: TradingView

Grayscale adds $ 284 million BTC in a day

The move contrasts with continued bullish accumulation from institutional areas, with Grayscale adding more BTC to its assets under management on Tuesday than it did all of the previous week combined. This week-long accumulation was less, but it still hit a new all-time high for Bitcoin.

Grayscale added 12,319 BTC ($ 284.5 million) on Tuesday, while last week’s balance was 11,512 BTC ($ 266.1 million). For context, Bitcoin miners can currently release around 28,000 BTC per month as block rewards.

“Bad news for the bitcoin bears,” commented analyst Kevin Rooke Grayscale’s continued commitment to bitcoin buy-ins.

As Cointelegraph reported, MicroStrategy, which now owns over 70,000 BTC, reportedly failed to move the market with flat-rate purchases last week when it added $ 650 million to its reserves.

In the meantime, there were further signs of new institutional dealings on Wednesday. Coinbase saw a sudden heavy outflow on what one analyst suspected was another over-the-counter buy (OTC).

“A few hours ago, $ 12,006 BTC flowed out of Coinbase. As I said, it was about custody-like wallets, ”tweeted Ki Young Ju, CEO of the on-chain analysis platform CryptoQuant.

“It seems that after the OTC deal for institutes, Coinbase is producing a new wallet for each customer. I am very optimistic about $ BTC. “

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