CoinDesk 20, a liquid index of the highest traded tokens, slumped 2.86% in the past 24 hours.
Recent downward pressure on bitcoin has been attributed to sales stemming from Grayscale's GBTC bitcoin exchange-traded fund (ETF), as per some analysts, including Bloomberg's Eric Balchunas.
Verified wallets belonging to Grayscale, tracked and labeled by analysis firm Arkham, show that the fund moved over $400 million worth of bitcoin to custodian Coinbase Prime on Thursday - potentially a step toward an eventual sale, as reported.
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