According to the latest report, asset management company Grayscale has been transferring large amounts of bitcoin to various wallet addresses over the past month. This data disclosure comes days after the US Securities and Exchange Commission (SEC) approved the asset manager's request to convert its bitcoin trust into a spot exchange-traded fund (ETF).
It is believed that the bitcoin-trust/amp/” target=”_blank” rel=”nofollow”>Grayscale bitcoin Trust is one of the largest bitcoin entities in the world. In September 2023, cryptoanalysis platform Arkham Intelligence discovered the asset manager's multi-million-dollar btc holdings in more than 1,750 wallet addresses.
How much did Grayscale send to Coinbase?
CryptoQuant founder Ki Young Ju revealed – via a publish to platform – that Grayscale has moved around 21,400 btc to different wallet addresses in the last 30 days. The CEO also highlighted that some of the funds were sent to Coinbase, the largest centralized exchange in the United States.
Grayscale sent 21.4k $btc to multiple addresses, including Coinbase, in the last 30 days. pic.twitter.com/7WK9qV8wa3
– Ki Young Ju (@ki_young_ju) January 13, 2024
Specifically, the Grayscale bitcoin Trust's recent conversion to a btc spot ETF has highlighted the company's fund movement in recent days. This is because GBTC shares can now be redeemed for bitcoin following the approval of the ETF on January 10.
However, Arkham Intelligence Data On Friday, January 12, a day after bitcoin spot ETFs began trading in the US, it was revealed that the Grayscale bitcoin trust sent 894 btc (around $41 million) to Coinbase in a single transaction. . This amount sent to the exchange represents approximately 0.15% of the total GBTC holdings.
Arkham data shows that an additional $119 million in btc was sent to other addresses on January 12. Interestingly, these fund outflows from the Grayscale bitcoin Trust are believed to have caused the sudden drop in the price of btc on Friday.
Popular cryptocurrency trader Ran Neuner agreed with this belief and said that the price of bitcoin is “dumping” as investors sell their GBTC shares. Neuner said in his X post:
GBTC owned over $25 billion worth of bitcoin that has been locked up for years without a put option. As soon as the redemption option was opened, for the first time people began to exit: when they exit, bitcoin must be sold on the market.
bitcoin price is falling as people dump their GBTC shares.
GBTC owned over $25 billion worth of bitcoin that has been locked up for years without a put option. As soon as the redemption option was opened, for the first time people started leaving, as they exit bitcoin… pic.twitter.com/EqHgpHyVdd
– Ran Neuner (@cryptomanran) January 12, 2024
bitcoin Price Overview
At the time of writing, the price of bitcoin stands at $42,805, reflecting a 7% drop in the last 24 hours. The leading cryptocurrency has reversed most of its gains in the last week after initially bitcoin-price-fell-to-below-42000-etf-approval/” rel=”nofollow”>falling below $42,000 on Friday.
According to data from CoinGecko, the price of bitcoin is down approximately 2.5% in the last seven days. However, btc maintains its position as the largest cryptocurrency in the sector, with a market capitalization of $838 billion.
bitcoin price struggles to stay above $43,000 on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured image from iStock, chart from TradingView
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