The cryptocurrency was trading around $32,000 at press time and is down about 8% over the past 24 hours.
Over the short term, bitcoin remains in a consolidation phase between $30,000 support and $40,000 resistance.
“Chinese market participants have been massively selling during the past month alongside the Grayscale unlocking schedule leading to more selling pressure,” wrote Elie Le Rest, partner and co-founder of ExoAlpha, a crypto hedge fund, in an email to CoinDesk.
Bitcoin trading volumes on the LMAX Digital spot exchange have surged over the past year.
“Access to banking has been particularly highlighted by brokers, while proprietary trading firms and HFT firms see access to credit as a big gap.
Bitcoin’s mean hashrate has dropped to 104 EH/s, the lowest level since June 2020, according to data from Glassnode.
Chinese miners have been looking for hosting sites for potential migration.
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