Grayscale Investment Transfers Nearly 10,000 BTC to Coinbase Prime
Grayscale Investment has made another Bitcoin deposit, transferring close to 10,000 BTC worth $410.9 million to its custodian Coinbase Prime. This is one of the many transfers the asset management firm has made recently since the approval of its spot Bitcoin ETF by the SEC.
Grayscale Bitcoin Holdings Now at 113,129 BTC
The recent deposit brings Grayscale’s total Bitcoin holdings to 502,043 BTC valued at $20.67 billion. In total, Grayscale has deposited 113,129 BTC worth $4.64 billion into Coinbase Prime. However, these frequent transfers have raised concerns among observers.
Reasons for Grayscale Outflows and Growth in Spot Bitcoin ETF Market
Compared to other ETF filers, Grayscale has experienced significant outflows due to its higher fee structure and investors seeking opportunities to divest their GBTC holdings. On the other hand, the spot Bitcoin ETF market has seen substantial growth in the past two weeks, with over $33 million in inflows recorded.
Bitcoin Price Rebounds as Grayscale Withdrawal Impact Diminishes
The price of Bitcoin has increased by 5.86% in the last 24 hours, reaching $41,885.38. This suggests that the withdrawal of funds from Grayscale no longer negatively affects the coin’s price.
Hot Take: Grayscale Continues Bitcoin Deposits Despite Outflows
Grayscale Investment has been making regular Bitcoin deposits to Coinbase Prime despite experiencing significant outflows. This raises questions about the motivations behind these transfers and the impact on the broader cryptocurrency market. However, the recent rebound in Bitcoin’s price suggests that the Grayscale withdrawal is no longer a major factor affecting market sentiment.
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