Grayscale sent BTC worth an estimated $700 million to Coinbase to start the week, with BTC price action weakening.
Bitcoin (BTC) kept $40,000 retests coming at the Jan. 22 Wall Street open amid ongoing BTC sales from asset manager Grayscale.
Data from Cointelegraph Markets Pro and TradingView confirmed new six-week lows of $40,324 on Bitstamp.
BTC price action, while mostly stable over the weekend, faced continued sell-side pressure into the new week as the Grayscale Bitcoin Trust (GBTC) decreased its assets under management.
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Source: https://cointelegraph.com/news/btc-price-risks-40k-breakdown-gbtc-etf-bitcoin-outflows