Every bit the pressures placed on the market by Red china'south cryptocurrency crackdown brainstorm to subside and the Bitcoin (BTC) hashrate starts to show signs of recovery, traders are at present focused on how the price volition be affected by this week's unlocking of more than $550 one thousand thousand worth of Grayscale'due south GBTC shares.

Information from Cointelegraph Markets Pro and TradingView shows that the early morning downtrend in BTC on July 12 continued into the afternoon as the price of BTC dropped below the $33,000 back up level after bears took control of the market.

BTC/USDT 4-hour chart. Source: TradingView

Grayscale attracted further attention on Monday after various media reported that the firm has publicly filed three Form 10 registration statements with the United States Securities and Exchange Committee (SEC).

This brings the number of publicly reported trusts managed past Grayscale to five, with the trusts for Bitcoin Cash (BCH), Ethereum Classic (ETC) and Litecoin (LTC) joining the previously filed trusts for Bitcoin and Ether (ETH).

Bitcoin hashrate shows signs of recovery

China's crackdown on Bitcoin mining resulted in a 55% decline in the network hashrate as BTC mines were close downwardly across the state and operations moved overseas.

According to a recent written report from Glassnode, roughly 29% of the lost hashpower has now come back online as a consequence of Chinese miners successfully relocating hardware while "previously obsolete hardware has been dusted off and found a new lease on life."

Bitcoin mean hash rate. Source: Glassnode

After nigh a month of selling from miners, the Miner Net Position Change metric now shows that they are back in accumulation mode indicating that "the sell-side pressure level coming from offline miners is more than get-go by accumulation by the operational miners."

Farther prove for a decrease in selling tin can be found in the exchange flow data for BTC, which has seen a larger amount of BTC withdrawn from exchanges than deposited over the past ii weeks.

Bitcoin all exchanges netflow. Source: CryptoQuant

As a result of the increased outflows, the amount of Bitcoin reserves held across all exchanges fell past more than 16,100 BTC betwixt June 28 and July xi.

Bitcoin all exchange reserves. Source: CryptoQuant

From a macro perspective, many interpret this as a bullish evolution for Bitcoin as token holders appear to be withdrawing BTC to put into long-term storage every bit the market awaits the adjacent pregnant motility higher.

Related: Bitcoin dips below $33K as shorts spike, trader warns of 'violent' BTC toll squeeze

Altcoins fall nether pressure

Altcoins equally a whole fell under force per unit area on Monday as the pullback in BTC led to weakness across the market place.

Daily cryptocurrency market place functioning. Source: Coin360

Equally the sell-off intensified into the afternoon the toll of Ether (ETH) barbarous to the $2,000 back up level after traders rushed for the exits.

While the bulk of the market was in the red for the 24-hour interval, there were several projects that managed to rising higher up the noise and post gains on July 12, with Metallic (MTL) putting up a gain of 18% while Revain (REV), Stratis (STRAX) and Injective Protocol (INJ) gained 12%

The overall cryptocurrency market cap now stands at $1.354 trillion and Bitcoin'southward authorization charge per unit is 45.5%.

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