BTC Crash Anticipated: The $36B Sale & Best Crypto Alternatives

• Bitcoin Price Under Pressure Following Spot Bitcoin ETFs Approval
• US Government's Notice to Sell Bitcoin Seized from Silk Road
• Investors Prepare for Potential Bitcoin Price Uncertainties
• Who is Selling Amid the Bitcoin Price Dip?
• Bankrupt Crypto Exchange FTX Selling Bitcoin Trust
• Mt. Gox and Celsius - Other Significant Bitcoin Holders
• Best Cryptos to Invest in If Bitcoin Price Collapses
• Bitcoin Minetrix - A Way for Small-Scale Investors to Earn BTC Rewards

Bitcoin Price Under Pressure Following Spot Bitcoin ETFs Approval

Bitcoin$42,260 -0.64% has experienced significant selling pressure since the approval of spot Bitcoin ETFs by the SEC. The cryptocurrency has seen a drastic 22% correction since peaking at a 24-month high of $48,900, reaching lows of $38,800 during the week. As per CoinMarketCap, Bitcoin is presently trading around $40,100, marking an 18% decrement from its monthly zenith. The market cap has also dwindled, falling from over $950 billion on January 11th to $786 billion presently.

Unfortunately, the selling pressure on Bitcoin could escalate due to a forthcoming positive supply shock, which could drive its price further down. Various major entities, including the hacked cryptocurrency exchange Mt. Gox, the bankrupt crypto lending firm Celsius, and even the US government, hold significant amounts of Bitcoin and could be planning to sell off in the upcoming months.

US Government's Notice to Sell Bitcoin Seized from Silk Road

Last week, the US government issued a notice expressing intentions to sell $130 million worth of Bitcoin that was confiscated from Silk Road. Additionally, Grayscale Investments LLC has continued to transfer Bitcoin worth hundreds of millions to Coinbase. This comes as investors are abandoning its Bitcoin Trust due to high management fees compared to its competitors.

Investors Prepare for Potential Bitcoin Price Uncertainties

Investors are gearing up for potential uncertainties in the Bitcoin price by contributing to new presale tokens with strong return prospects, regardless of the general market outlook. For instance, Bitcoin Minetrix, a new cloud mining token, has seen high demand in its ICO, raising nearly $10 million.

Who is Selling Amid the Bitcoin Price Dip?

Bitcoin reached the $48.9k mark following the spot Bitcoin ETF approval, but has since drawn back, partly due to over $4.3 billion in outflows from Grayscale since the launch of its Bitcoin Trust. The investment firm transferred over $429 million worth of Bitcoin on a single day, indicating that the Bitcoin Trust dump is not slowing down. With Grayscale still holding $20.2 billion worth of Bitcoin, they will likely need to continue selling if investors continue to divest their positions in the Bitcoin Trust.

Bankrupt Crypto Exchange FTX Selling Bitcoin Trust

FTX$3.28 -5.38%, the bankrupt cryptocurrency exchange, is holding nearly $800 million worth of Bitcoin Trust and has already sold approximately $110 million since its approval. If FTX continues to sell its position to compensate its disgruntled customers, this could add more pressure to the Bitcoin price.

Mt. Gox and Celsius - Other Significant Bitcoin Holders

Similarly, the hacked cryptocurrency exchange Mt. Gox holds close to 142,000 Bitcoins, which equates to $5.6 billion at the current Bitcoin price. Meanwhile, the bankrupt crypto lending platform Celsius owes its customers $2.5 billion in Bitcoin. According to court filings in August 2022, the platform holds $348 million in Bitcoin and $557 million in wrapped Bitcoin.

Moreover, the US government holds nearly $8 billion worth of Bitcoin, primarily seized from Silk Road and the Bitfinex Hack. The government has already sold a significant portion of its Bitcoin holdings in the past year and is expected to continue selling in 2024.

Best Cryptos to Invest in If Bitcoin Price Collapses

These four entities collectively hold Bitcoin worth over $36 billion and could significantly impact the Bitcoin price, potentially dampening the bullish effect of the upcoming Bitcoin halving. With Bitcoin's price enveloped in uncertainty, investors are searching for potential alternatives that could yield 10x to 100x returns. Bitcoin Minetrix, a new innovative project, is an example of this, offering an array of benefits.

Bitcoin Minetrix - A Way for Small-Scale Investors to Earn BTC Rewards

Bitcoin Minetrix allows small-scale investors to earn Bitcoin rewards, an opportunity they have missed out on for over a decade. The project mines Bitcoin on behalf of its investors and distributes the profits in proportion to their initial investments. Users simply need to buy Bitcoin Minetrix tokens and stake them in the project's stake-to-mine dashboard.

In addition to mining rewards, investors can also earn staking rewards from the presale itself, currently offering an annual percentage yield higher than the industry standard. Given the expected profitability of the crypto mining industry during the upcoming bull run, Bitcoin Minetrix can help small-scale investors tap into those profits. As a result, the project's native cryptocurrency, Bitcoin Minetrix,

Edited by Jonathan Stoker