Grayscale’s BTC Sell-Offs Slowing Down as $5B in Bitcoin Sent to Coinbase
Grayscale’s Bitcoin (BTC) sell-offs are gradually decreasing after the company transferred more than $5 billion worth of BTC to Coinbase, according to Lookonchain. On Friday, Grayscale deposited $410.9 million in BTC to Coinbase Prime, the exchange’s platform for institutional clients.
This deposit adds to the already substantial stream of BTC deposits from Grayscale, totaling over $4.64 billion since the approval of exchange-traded funds (ETFs). Despite these large deposits, Grayscale remains the third-largest holder of Bitcoin, with 502,043.26 BTC worth $20.67 billion.
Grayscale’s Flows Decreasing
Crypto intelligence firm Arkham Intelligence reports that Grayscale’s flows are starting to significantly decrease this week. They note that today, Grayscale sent 6.9K BTC ($289.5M) to Coinbase, a decrease of almost 34% compared to their previous transfer on Friday and over 45% from their average daily transfer size last week ($530.2M).
Last week, Anthony Scaramucci, founder of Skybridge Capital and former White House official, mentioned that GBTC holders booked losses on their shares to switch to ETFs with lower fees. This resulted in significant sell pressure on Bitcoin.
As of now, BTC is valued at $43,200, with a 6% increase in the past week.
Hot Take: Grayscale’s BTC Sell-Offs Slow Down, Indicating Market Stabilization
Grayscale’s recent decrease in BTC sell-offs suggests a potential stabilization of the market. After transferring over $5 billion worth of Bitcoin to Coinbase, Grayscale’s flows are starting to significantly lessen, according to Arkham Intelligence. This reduction in transfer size indicates a decrease in sell pressure on Bitcoin. Despite the large amounts deposited and sold, Grayscale remains one of the largest holders of Bitcoin. This development could contribute to increased market confidence and potentially lead to a more stable Bitcoin price in the future.
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