appears to have low confidence in cryptocurrencies.
The recent month, which was overshadowed by The Ethereum Merge anticipation, saw massive fluctuations in Bitcoin price movement.
In comparison to the above $21,000 price range roughly 30 days ago, Bitcoin price is currently trading below $20,000. Furthermore, the cryptocurrency's value is likely to fall further.
Grayscale Bitcoin Volume
The Grayscale Bitcoin Trust (GBTC) fund market volume revealed very low interest from institutional investors. This is an essential measure since Grayscale is the leading institution in the Bitcoin industry. Grayscale gaining traction is crucial if Bitcoin acceptance is to expand further.
Another major asset management, Blackrock, will launch the Bitcoin private trust in August 2022. The world's largest asset management increased its offerings to provide clients access to a wider range of investment opportunities.
In this context, the low Grayscale Bitcoin volumes are not a good indication for Bitcoin and the crypto ecosystem. When fund market volumes are low, Bitcoin bears the risk of falling or continuing to fall. According to reports, if Grayscale volume is low, the state of local decline will continue with BTC. When the situation is reversed, the price of Bitcoin rises.
“When volumes are adequate on their own or there is an uptrend, Bitcoin tends to increase practically parabolic or at the very least in a range.”
Downward Curve To Continue?
Following a sharp drop in value on Monday, BTC remains on a downward trend. According to CoinGabbar statistics, the top cryptocurrency is currently trading at $19,330, up 2.97% in the last 24 hours. On the other hand, analysts expect that BTC will not surpass $30,000 in the near future.
Mike Novogratz, a billionaire cryptocurrency investor, has stated that the market would not see significant institutional capital inflow in the near future. However, he predicts that companies that have already taken positions will remain in the market.
When the major crypto assets are ranked by the percentage of total market capitalization, Bitcoin currently holds 39.06%. In recent times, Ethereum's dominance has increased because of The Merge event.
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