Grayscale Moves Fresh Batch of 9,995 BTC to Coinbase Prime

Grayscale Investment’s Bitcoin (BTC) is on the move again with the transfer of close to 10,000 BTC to its GBTC custodian Coinbase Prime.

Another Grayscale Bitcoin Deposit Detected

Data from blockchain analytics platform Lookonchain shows that a total of 9,995 units of flagship cryptocurrency worth $410.9 million was deposited to Coinbase Prime. 

This is one of the numerous transfers that has been made by the asset management firm in the last few days, especially since the United States Securities and Exchange Commission (SEC) greenlighted its spot Bitcoin ETF and that of ten other filers.

As of January 22, Lookonchain highlighted the transfer of 15,308 BTC to Coinbase Prime worth approximately $625.8 million. 

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

At the time Grayscale Bitcoin transfer had risen to a total of 63,991 Bitcoin. Based on the market value of the coin at that time, the total deposit was valued at over $2.68 billion. Also, this left the Bitcoin ETF issuer with a total holding of only about 549,116 Bitcoin worth $22.32 billion. 

Grayscale Bitcoin Holdings Tops 113,129 BTC

With the latest Grayscale Bitcoin deposit to Coinbase Prime, the asset manager currently holds only 502,043 Bitcoin worth approximately $20.67 billion. The total Bitcoin deposit to Coinbase Prime as of January 26, is 113,129 units of BTC valued at $4.64 billion according to an estimation made by Lookonchain. 

Noteworthy, the multiple transfers have raised concerns in the minds of observers who find the Grayscale Bitcoin movement surprising. 

Compared to the ten other ETF filers that received the U.S. SEC approval for their spot Bitcoin ETF application about two weeks ago, Grayscale has seen massive outflows. While the exact reason for the cashout is connected to the higher 1.5% fee it charges, it is also worth noting that many Grayscale customers have been looking for the perfect opportunity to divest their GBTC holdings. Fortunately for them, the approval of spot Bitcoin ETF presented that opportunity.

Apart from Grayscale’s outflows which are now gradually slowing down, the broad spot Bitcoin ETF market has seen huge growth in the last two weeks. As of day six of trading the ETFs, over $33 million was recorded in inflows.

At the time of writing, Bitcoin has jumped to $41,885.38, up 5.86% in the past 24 hours. This uptick shows the Grayscale withdrawal is no longer impacting the coin’s price slump.