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Grayscale Bitcoin premium rebounds as BTC price falls below $35K — What does it mean? By Cointelegraph

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Grayscale Bitcoin premium rebounds as BTC price falls below $35K — What does it mean?

(BTC) has crashed by around 44% from its all-time high of $64,899, signaling an end to its second-largest bull run that started in March 2020. Many analysts, including those from BiotechValley Insights, see “terrible technicals” in the Bitcoin market, noting that the flagship cryptocurrency could extend its ongoing decline until $20,000.

Nevertheless, Glassnode Insights, a weekly newsletter issued by on-chain data analytics service Glassnode, anticipates a Bitcoin price recovery in the sessions ahead, based on an on-chain indicator that serves as a metric to gauge institutional interest in the cryptocurrency.

Grayscale BTC holdings so far in 2021. Source: Glassnode
Grayscale Premium recovering after GBTC at a discount 3 months in a row. Source: Glassnode