{"id":575298,"date":"2024-02-16T02:00:34","date_gmt":"2024-02-16T02:00:34","guid":{"rendered":"https:\/\/uniquehot.com\/?p=575298"},"modified":"2024-06-11T08:32:11","modified_gmt":"2024-06-11T08:32:11","slug":"bitcoin-hits-52000-high-are-these-giant-sell-offs-crash","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-hits-52000-high-are-these-giant-sell-offs-crash\/","title":{"rendered":"Bitcoin Hits $52,000 High: Are These Giant Sell-Offs About To Crash The Crypto Party?"},"content":{"rendered":"

According to a recent report<\/a> from Spot On Chain, Bitcoin might be on the edge of a notable plunge<\/a>. So far, the flagship cryptocurrency has recently broken through the $52,000 mark and traded above it for the first time since December 2021.<\/p>\n

However, Spot On Chain reveals that Bitcoin faces potential challenges that could affect its immediate market performance. Two significant sell-off events loom on the horizon, potentially influencing Bitcoin’s price dynamics in the short term.<\/p>\n

These developments have sparked speculation, prompting a closer examination of their possible impacts on the cryptocurrency market<\/a>.<\/p>\n

\n
Related Reading: Bitcoin\u2019s Rise To $52,000 Masks Potential Pitfalls Ahead, Analyst Warns<\/a><\/div>\n<\/div>\n

Major Bitcoin Sell-Off Events On The Horizon<\/h2>\n

The first of these events involves Genesis, a prominent crypto asset manager authorized<\/a> to offload a significant portion of its Grayscale Bitcoin Trust (GBTC) shares. The second event is marked by the US government’s announcement<\/a> to sell some of its Bitcoin holdings acquired from the Silk Road platform.<\/p>\n

Genesis has received approval to sell 35 million GBTC shares, estimated to be worth around $1.3 billion. This occurrence mirrors an earlier liquidation event involving FTX<\/a>, which notably impacted Bitcoin’s market price, illustrating the potential volatility such moves can introduce.<\/p>\n

It is worth noting that the upcoming Genesis sell-off represents a significant moment for Bitcoin, as it tests the resilience of its recent price gains against the backdrop of large-scale disposals.<\/p>\n

\n

The #Bitcoin<\/a> price has been on the rise for the past 7 days and finally broke the $52K mark again after 2 years!<\/p>\n

However, there are two impending big threats to the short-term $BTC<\/a> price. Can it overcome?<\/p>\n

1. #Genesis<\/a> was approved to sell 35M Grayscale Bitcoin Trust shares\u2026 pic.twitter.com\/Qn7wbQXaDa<\/a><\/p>\n

\u2014 Spot On Chain (@spotonchain) February 15, 2024<\/a><\/p><\/blockquote>\n

The US government’s decision to auction off 2,875 BTC, valued at $150.6 million, adds to the market’s cautious outlook. With the government holding one of the largest Bitcoin reserves globally<\/a>, its actions have a marked influence on market perceptions and the cryptocurrency’s price stability<\/a>.<\/p>\n

Spot On Chain highlighted historical instances, such as the sale of 8.2K BTC through Coinbase, which have shown that government sell-offs can temporarily lead to fluctuations in Bitcoin’s price.<\/p>\n

\"Bitcoin
BTC price is moving sideways on the 4-hour chart. Source: BTC\/USDT on TradingView.com<\/a><\/figcaption><\/figure>\n

Optimism Amid Uncertainty<\/h2>\n

Despite these concerns, certain segments of the crypto community view these events as minor hurdles in the broader trajectory<\/a> of Bitcoin’s growth.<\/p>\n

\n

Non event\u2026 ETFs buying in 300-500m a day lol<\/p>\n

\u2014 Cryptamurai \ud83d\udef8 I County Capital (@cryptamurai) February 15, 2024<\/a><\/p><\/blockquote>\n

Notably, the increasing involvement of Bitcoin spot exchange-traded funds (ETFs) in the Bitcoin market suggests a growing institutional interest that could offset the effects of the sell-offs.<\/p>\n

\n
Related Reading: Bitcoin ETF Surges: Last 4 Days Inflows Outpace Initial Weeks<\/a><\/div>\n<\/div>\n

CryptoQuant has recently highlighted<\/a> that roughly 75% of new investments into Bitcoin are coming from spot ETFs. This is quite evident as BitMex research reported<\/a> that the Bitcoin spot ETF market saw an inflow<\/a> of over $340 million yesterday.<\/p>\n

\n

Bitcoin Spot ETF Flow – 14th Feb 2024<\/p>\n

All data in. Another strong day, with +$340m net flow for all the Bitcoin ETFs pic.twitter.com\/xy7t1hGhyw<\/a><\/p>\n

\u2014 BitMEX Research (@BitMEXResearch) February 15, 2024<\/a><\/p><\/blockquote>\n

Featured image from Unsplash, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"

According to a recent report from Spot On Chain, Bitcoin might be on the edge of a notable plunge. So far, the flagship cryptocurrency has recently broken through the $52,000 mark and traded above it for the first time since December 2021. However, Spot On Chain reveals that Bitcoin faces potential challenges that could affect its immediate market performance. Two significant sell-off events loom on the horizon, potentially influencing Bitcoin’s price dynamics in the short term. These developments have sparked speculation, prompting a closer examination of their possible impacts on the cryptocurrency market. Related Reading: Bitcoin\u2019s Rise To $52,000 Masks Potential Pitfalls Ahead, Analyst Warns Major Bitcoin Sell-Off Events On The Horizon The first of these events involves Genesis, a prominent crypto asset manager authorized to offload a significant portion of its Grayscale Bitcoin Trust (GBTC) shares. The second event is marked by the US government’s announcement to sell some of its Bitcoin holdings acquired from the Silk Road platform. Genesis has received approval to sell 35 million GBTC shares, estimated to be worth around $1.3 billion. This occurrence mirrors an earlier liquidation event involving FTX, which notably impacted Bitcoin’s market price, illustrating the potential volatility such moves can introduce. It is worth noting that the upcoming Genesis sell-off represents a significant moment for Bitcoin, as it tests the resilience of its recent price gains against the backdrop of large-scale disposals. The #Bitcoin price has been on the rise for the past 7 days and finally broke the $52K mark again after 2 years! However, there are two impending big threats to the short-term $BTC price. Can it overcome? 1. #Genesis was approved to sell 35M Grayscale Bitcoin Trust shares\u2026 pic.twitter.com\/Qn7wbQXaDa \u2014 Spot On Chain (@spotonchain) February 15, 2024 The US government’s decision to auction off 2,875 BTC, valued at $150.6 million, adds to the market’s cautious outlook. With the government holding one of the largest Bitcoin reserves globally, its actions have a marked influence on market perceptions and the cryptocurrency’s price stability. Spot On Chain highlighted historical instances, such as the sale of 8.2K BTC through Coinbase, which have shown that government sell-offs can temporarily lead to fluctuations in Bitcoin’s price. Optimism Amid Uncertainty Despite these concerns, certain segments of the crypto community view these events as minor hurdles in the broader trajectory of Bitcoin’s growth. Non event\u2026 ETFs buying in 300-500m a day lol \u2014 Cryptamurai \ud83d\udef8 I County Capital (@cryptamurai) February 15, 2024 Notably, the increasing involvement of Bitcoin spot exchange-traded funds (ETFs) in the Bitcoin market suggests a growing institutional interest that could offset the effects of the sell-offs. Related Reading: Bitcoin ETF Surges: Last 4 Days Inflows Outpace Initial Weeks CryptoQuant has recently highlighted that roughly 75% of new investments into Bitcoin are coming from spot ETFs. This is quite evident as BitMex research reported that the Bitcoin spot ETF market saw an inflow of over $340 million yesterday. Bitcoin Spot ETF Flow – 14th Feb 2024 All data in. Another strong day, with +$340m net flow for all the Bitcoin ETFs pic.twitter.com\/xy7t1hGhyw \u2014 BitMEX Research (@BitMEXResearch) February 15, 2024 Featured image from Unsplash, Chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":538164,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,17005,1119,78790,6664,71704,7558,7523,91093,61774,91264],"class_list":["post-575298","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-sell-off","tag-btc","tag-btcusdt","tag-crypto","tag-ftx","tag-gbtc","tag-grayscale","tag-grayscale-bitcoin","tag-grayscale-bitcoin-trust","tag-grayscale-bitcoin-trust-etf"],"acf":[],"yoast_head":"\nBitcoin Hits $52,000 High: Are These Giant Sell-Offs About To Crash The Crypto Party?<\/title>\n<meta name=\"description\" content=\"According to recent report from Spot On Chain, Bitcoin might be on the edge of a notable plunge. 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.","sameAs":["https:\/\/x.com\/0xEdyme"],"url":"https:\/\/uniquehot.com\/author\/samueledymeabayomi\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Hits $52,000 High: Are These Giant Sell-Offs About To Crash The Crypto Party?","url":"http:\/\/uniquehot.com\/news\/bitcoin-hits-52000-high-are-these-giant-sell-offs-crash\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-hits-52000-high-are-these-giant-sell-offs-crash\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/06\/andre-francois-mckenzie-iGYiBhdNTpE-unsplash-2.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/06\/andre-francois-mckenzie-iGYiBhdNTpE-unsplash-2.jpg?fit=1920%2C1282"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Samuel Edyme"}],"creator":["Samuel Edyme"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin sell off","btc","btcusdt","crypto","ftx","gbtc","grayscale","grayscale bitcoin","grayscale bitcoin trust","grayscale bitcoin trust etf"],"dateCreated":"2024-02-16T02:00:34Z","datePublished":"2024-02-16T02:00:34Z","dateModified":"2024-06-11T08:32:11Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Hits $52,000 High: Are These Giant Sell-Offs About To Crash The Crypto Party?\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-hits-52000-high-are-these-giant-sell-offs-crash\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-hits-52000-high-are-these-giant-sell-offs-crash\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/06\\\/andre-francois-mckenzie-iGYiBhdNTpE-unsplash-2.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/06\\\/andre-francois-mckenzie-iGYiBhdNTpE-unsplash-2.jpg?fit=1920%2C1282\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Samuel Edyme\"}],\"creator\":[\"Samuel Edyme\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin sell off\",\"btc\",\"btcusdt\",\"crypto\",\"ftx\",\"gbtc\",\"grayscale\",\"grayscale bitcoin\",\"grayscale bitcoin trust\",\"grayscale bitcoin trust etf\"],\"dateCreated\":\"2024-02-16T02:00:34Z\",\"datePublished\":\"2024-02-16T02:00:34Z\",\"dateModified\":\"2024-06-11T08:32:11Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/06\/andre-francois-mckenzie-iGYiBhdNTpE-unsplash-2.jpg?fit=1920%2C1282","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/575298"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/580"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=575298"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/575298\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/538164"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=575298"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=575298"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=575298"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}