Digital Asset Manager Grayscale Deposits Billions of Dollars Worth of Bitcoin to Coinbase
According to on-chain data from blockchain tracking firm Lookonchain, digital asset manager Grayscale has deposited billions of dollars worth of Bitcoin to crypto exchange Coinbase since the approval of spot BTC exchange-traded funds (ETFs). On Friday, Grayscale deposited $410.9 million in BTC to Coinbase Prime, the platform catering to institutional clients.
With this recent deposit, Grayscale’s total BTC deposits on Coinbase now amount to over $4.64 billion since the ETF approvals. Despite these massive deposits, Grayscale remains the third-largest holder of Bitcoin with 502,043.26 BTC worth $20.67 billion.
Bullish Outlook for Bitcoin ETFs
Data from crypto analyst InvestAnswers suggests that the launch of ETFs is overall bullish for Bitcoin. The analyst highlights several positive factors, including Blackrock’s significant assets under management and growing interest in BTC from Fidelity customers. Additionally, removing Grayscale from the equation reveals that BTC ETFs are attracting an average of $550 million per day and have accumulated 140,000 BTC. These ETFs are absorbing 15.5 times the daily supply of newly created Bitcoin.
Bitcoin Price at $41,984
As of now, Bitcoin is trading at $41,984.
Hot Take: Grayscale Boosts Coinbase Deposits Following BTC ETF Approvals
Digital asset manager Grayscale continues to deposit billions of dollars worth of Bitcoin into crypto exchange Coinbase since the approval of spot BTC exchange-traded funds (ETFs). The recent deposit of $410.9 million adds to their total deposits on Coinbase, which now exceed $4.64 billion. Despite these large deposits, Grayscale remains the third-largest holder of Bitcoin, with over 502,000 BTC worth $20.67 billion. The launch of ETFs is seen as a bullish factor for Bitcoin, attracting significant investment from institutions and absorbing a substantial portion of the daily supply of newly created BTC.
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