Grayscale Transfers 9,000 BTC To Coinbase Prime As Bitcoin Hits $43,000
The Grayscale Bitcoin Trust (GBTC) moved an additional 9,000 Bitcoin worth over $387 million to cryptocurrency exchange Coinbase Prime on Tuesday. The trust has seen steady declines in assets under management since last week’s approval of a Bitcoin spot ETF in the US.
According to blockchain intelligence firm Arkham, Grayscale executed multiple transfers of 1,000 BTC each to Coinbase Prime. Last week, Grayscale sold 2,000 Bitcoin, and this number has now increased to a total of 11,000 Bitcoin being shed from GBTC’s holdings.
Notably, Grayscale executed four separate transactions, each involving the transfer of 1,000 Bitcoin, sending a total of 4,000 BTC to a Coinbase Prime deposit address just four days ago.
- GBTC has faced net redemptions from investors switching to cheaper spot ETF products with better pricing.
- Outflows have forced Grayscale to sell Bitcoin holdings to meet demand, now totaling over 11,000 BTC.
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The moves follow the authorization of exchange-traded funds offering direct Bitcoin exposure by the Securities and Exchange Commission.
Grayscale Bitcoin holdings drop to 617,000
Holdings have quickly dropped to 617,000 BTC from above 630,000 before the new product entries. The company continues to aim to convert GBTC into an ETF itself, which would staunch outflows by improving price discovery and enabling direct creations and redemptions.
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CoinGecko, a leading cryptocurrency data platform, reports that Bitcoin experienced a surge in its price from a 24-hour low of $42,169.52 to a high of $43,370.71 before settling at its current price of $43,000. The SEC has recently approved a fleet of pending spot ETF applications in the US. However, Bitcoin, which went to a high of $48,000, has now plunged in value.
