Posted 1/19/2024, 6:57:00 AM
Bitcoin Price Drops 15% to $42K as Grayscale Sells $400M in BTC, Triggering $217M in Futures Traders Losses
- Futures traders lost $217M as bitcoin price dropped 15% from $49K high amid apparent Grayscale BTC sales
- Grayscale moved over $400M in BTC to Coinbase Prime, likely preparing for eventual sale of holdings
- GBTC shares flipped to 0.9% discount amid selling pressure
- Broader crypto markets range-bound short term; BTC hovering above $40K-$42K support zone
- Highly leveraged long positions saw $88M in BTC liquidations and $217M total