On Friday, the price of bitcoin (BTC) strengthened around the $40,000 mark. The outflow of funds from the Grayscale investment fund slowed down, which led to a decrease in pressure on the cryptocurrency.

At the time of writing this review, BTC was trading at $40,098, and the price of ether (ETH) fell to $2,198.

This week, there has been an active transfer of ETH to exchange addresses. In the case of a mass sale, there is a risk that the price of the altcoin will fall below the $2,000 mark. It is important to note that most investors have not yet expressed serious interest in such a drop.

Binance Coin (BNB) and Solana (SOL) showed a slight decrease of 1.5%, reaching the levels of $294 and $87, respectively. Avalanche (AVAX) and Polkadot (DOT) suffered the largest losses in the last seven days, falling by almost 9% to $30.7 and $6.3, respectively.

On January 22, there was an outflow of bitcoins from Grayscale in the amount of $ 641 million. On the previous day, this figure dropped to $394 million, which helped reduce pressure on the cryptocurrency market, according to Bloomberg analysts.

Strategist at JPMorgan Chase & Co. Nikolaos Panigirtsoglou notes that profit-taking limits the potential of bitcoin.

The outflow of funds from the GBTC investment fund also had an impact on a significant price correction. However, the situation has now stabilized, and it is expected that changes in market dynamics will occur in the near future.