Grayscale Transfers Additional 18,600 BTC to Coinbase
Grayscale continues its streak of large Bitcoin transfers to Coinbase following the approval of their ETF fund.
Grayscale Transfers Additional 18,600 BTC to Coinbase
Shortly after the opening of the US stock market trading session on January 17, asset management company Grayscale executed a series of Bitcoin transfers to Coinbase, totaling 18,638 BTC, approximately $791 million in value.
Grayscale sending $790M BTC to Coinbase Prime 15 mins ago pic.twitter.com/lz4ckhzGSM— R🐮 (@Ren_gmi) January 17, 2024
This marks the third consecutive trading day that Grayscale has moved BTC, following actions on January 12 (4,000 BTC - $183 million) and January 16 (9,000 BTC - $384 million), bringing the total to 31,638 BTC, valued at over $1.3 billion.
According to Arkham, Grayscale still holds more than 617,000 BTC ($26.2 billion) along with billions in Ethereum and other altcoins used in the company's other investment products.
List of assets held by Grayscale as of the evening of January 17, 2024. Source: Arkham
There have been speculations that Grayscale is facing significant redemption pressure from investors of its ETF fund. After holding GBTC shares and experiencing losses during the 2021-2022 period, many investors are seeking to withdraw capital to realize gains.
The 1.5% management fee of GBTC is another reason investors are exploring more attractive alternatives offered by other Bitcoin spot ETFs.
Comparison of recently SEC-approved Bitcoin spot ETFs. Source: Bloomberg (11/01/2024)
As reported by Coin68, within the first three days of trading, SEC-approved Bitcoin spot ETFs recorded a trading volume of $9.6 billion, led by Grayscale, BlackRock, and Fidelity. Grayscale alone accounted for half of the volume, despite being the only ETF to experience outflows due to capital redemption.
Bitcoin prices remained relatively stable on the evening of January 17, showing less impact compared to the initial Grayscale transfer on January 12.
Chart: 1-hour BTC/USDT on Binance as of 10:40 PM, January 17, 2024
