Bitcoin fell to around $38,555 in the late night of the day before yesterday, and is currently oscillating around $40,000, while Ethereum has risen above $2,200. Bloomberg analyst Eric Balchunas pointed out in a morning post that the trading volume of GBTC has once again declined, which may be a sign of exhaustion in selling.

Bitcoin (BTC) fell to a low of $38,555 the night before, hitting a new low since December last year, and seems to have become a short-term support, currently challenging to stabilize above the $40,000 mark. At the time of submission, it is trading at $40,117, up 0.23% in the past 24 hours.

Grayscale GBTC trading volume has declined

Although Grayscale transferred more than 10,000 bitcoins again yesterday, Bloomberg analyst Eric Balchunas pointed out in a morning post:

Today's GBTC trading volume has once again declined, which may be a sign of exhaustion in selling. (The same situation also occurs in stocks, with an increase in $SPY trading volume accompanying selling and a decrease accompanying stability.)

Bloomberg data shows that the 24-day trading volume of GBTC was $462 million, and on the 23rd it was $762 million, marking the third consecutive day of decline.

Ethereum briefly surged to $2,264

As for Ethereum (ETH), its trend is similar to Bitcoin's, with a brief surge to $2,264 last night. At the time of submission, the increase has somewhat converged, now trading at $2,231.

Most of the top ten currencies have risen

CoinMarketCap data shows that most of the other top ten currencies have generally risen in the past 24 hours, with SOL showing the largest increase at 4.83%, and AVAX also rising by 3.78%; only BNB fell by 2.19%.

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