Fast Take
In response to Arkham Intelligence information, Grayscale transferred one other 18,400 BTC to a Coinbase Prime scorching pockets on Jan. 17. Despatched in a number of 1,000 BTC transactions, the Bitcoin was valued at round $800 million as of press time.
On Jan. 16, the same switch value $387 million was additionally performed by Grayscale, once more to Coinbase Prime. The repetitive nature of those hefty transactions suggests doable redemption exercise on Grayscale’s half as buyers doubtlessly rotate into lower-fee ETFs.
It’s additionally value noting that each one these transactions had been performed seconds earlier than the U.S. markets opened at 2:30 PM GMT, presumably hinting at a method to leverage international market dynamics.
Given the restricted provide of Bitcoin and the character of Coinbase Prime’s position throughout a number of spot Bitcoin ETFs, the outflows from Grayscale are seemingly for use as liquidity for any potential inflows into different Bitcoin ETFs. Solely a handful of venues can be found to the ETF Belief to buy Bitcoin, with Coinbase Prime being the main participant.
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