Grayscale Moves 9,995 Bitcoin to Coinbase Prime

Grayscale Investments has transferred an additional 9,995 Bitcoin (BTC) to Coinbase Prime as GBTC outflows decelerate.

Nearly 10,000 BTC of Grayscale Investment’s Bitcoin (BTC) have been transferred to its GBTC custodian, Coinbase Prime, putting the cryptocurrency back in circulation.

Additional Grayscale Bitcoin Deposit Detected

According to data provided by the blockchain analytics platform Lookonchain, Coinbase Prime deposited a sum of $410.9 million worth of 9,995 units of the flagship cryptocurrency. 

This is one of several transfers executed by the asset management firm recently, particularly following the approval of its spot Bitcoin ETF and those of ten other filers by the United States Securities and Exchange Commission (SEC). As of January 22, Lookonchain reported the transfer of 15,308 BTC, or an estimated $625.8 million, to Coinbase Prime. 

Grayscale deposited 9,995 $BTC($410.9M) to #CoinbasePrime again 20 mins ago.#Grayscale has deposited 113,129 $BTC($4.64B) to #CoinbasePrime since the #ETF was passed.

And #Grayscale currently holds 502,043 $BTC($20.67B).https://t.co/RIRgdtTDMG pic.twitter.com/9E20PVZGw8

— Lookonchain (@lookonchain) January 26, 2024

Grayscale Bitcoin transfers had increased to 63,991 Bitcoin at the time. According to the coin’s market value, the aggregate investment surpassed $2.68 billion in value. This also resulted in the Bitcoin ETF issuer possessing a mere $549,116 Bitcoin, valued at $22.32 billion. 

Grayscale Has 113,129 Bitcoin Holdings With Coinbase

As a result of the most recent Grayscale Bitcoin deposit to Coinbase Prime, the asset manager possesses an estimated $20.67 billion worth of 502,043 Bitcoin at this time.

According to an estimate by Lookonchain, the aggregate Bitcoin deposit to Coinbase Prime as of January 26 is 113,129 units of BTC, valued at $4.64 billion.  Significantly, the numerous transfers have elicited apprehension among observers who are taken aback by the Grayscale Bitcoin movement. 

In contrast to the ten other ETF filers whose spot Bitcoin ETF applications were approved by the U.S. SEC approximately two weeks ago, Grayscale has experienced substantial outflows.

Although the precise rationale for the cashout is associated with the increased 1.5% fee imposed, it is noteworthy that numerous Grayscale clients have been anticipating an opportune moment to liquidate their GBTC holdings. The approval of the spot Bitcoin ETF, to their good fortune, presented them with that opportunity.

In contrast to the progressive deceleration of Grayscale’s outflows, the broad spot Bitcoin ETF market has experienced tremendous growth over the past fortnight. As of day six of ETF trading, inflows over $33 million had been recorded.

As of this writing, Bitcoin is valued at $41,885.38, representing a 24-hour increase of 5.86%. This increase indicates that the grayscale withdrawal is no longer influencing the decline in the coin price.