- Grayscale holds 496,573.8166 BTC after selling 120,500 BTC worth $5.508 billion.
- Grayscale transfers $4.91 billion in Bitcoin to Coinbase; slows down selling pace.
- GBTC outflows decrease, with a connection to falling Bitcoin prices observed.
Recent information indicates that as of January 29, the financial behemoth Grayscale is in possession of 496,573.8166 Bitcoins
According to information available, the pace at which Grayscale has been selling off its holdings appears to be decreasing following the company’s transfer of Bitcoin valued at $4.91 billion to Coinbase. The well-known cryptocurrency analysis firm Lookonchain posted on X regarding Grayscale’s latest transaction, which involved moving 6,534 BTC, equivalent to $274.95 million, to Coinbase Prime, the comprehensive prime brokerage service offered by the exchange.
Lookonchain reports that Grayscale’s holdings amount to 495,290 BTC, valued at $20.76 million, after adding a total of 119,663 BTC. Previously, on January 26, Lookonchain disclosed that Grayscale deposited 9,995 BTC into Coinbase Prime, which had a value of $410.9 million at the time.
In related developments, the pace at which funds are being withdrawn from Grayscale’s GBTC, an exchange-traded fund, has decreased. According to a report from January 26, there has been a noticeable reduction in the rate of outflows from GBTC, with the trend decelerating for a third consecutive day. James Seyffart, who is a Senior ETF Analyst at Bloomberg, provided an update on the situation, verifying that the volume of outflows is on the decline, with the current day’s outflow recorded at $191.7 million. Seyffart also made a subsequent observation, drawing a link between the diminishing outflows from the ETF and the drop in Bitcoin prices, highlighting that the two are connected.
ETFs aren’t THE market themselves. Yes they’re now a big slice of the pie but there’s a lot more to the pie. Bitcoin ETF inflows can coincide with falling Bitcoin prices. Outflows can coincide with rising prices. Shouldn’t be confusing?
During the week prior, Grayscale experienced significant withdrawals. A report indicated that the largest daily outflow from GBTC occurred on January 23, totaling $640 million.
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