- Grayscale transferred 8638 BTC worth $798 million to Coinbase Prime on January 17th, the third consecutive day after Bitcoin spot ETF approval
- In total, Grayscale has moved 1366 billion in BTC to Coinbase over the past three days as the market adapts to new crypto regulations
- The significant transfers reflect Grayscale’s strategic response to market volatility following the ETF approval, with GBTC holdings now just over 601,362 BTC
Grayscale, the digital asset management giant, has made a significant transfer of Bitcoin to Coinbase Prime following the approval of a spot-based Bitcoin ETF. This showcases the market’s volatility as it adapts to changing crypto regulations.
Details of the Transfer
On January 17, Grayscale transferred 8638 BTC worth $798 million to Coinbase Prime. This occurred on the third consecutive day after the Bitcoin spot ETF was approved. In total, Grayscale has now transferred 1366 billion in BTC to Coinbase over the past three days.
The previous day, on January 16, Grayscale sent 9000 BTC worth $385 million to a suspected Coinbase Prime address. This adds up to a total of 31,638 BTC moved over three days.
Market Volatility
Despite briefly dipping below $42,300, Grayscale’s recent sales of 11,000 Bitcoins respond to the changing crypto landscape post-ETF approval. As a result, GBTC’s holdings now stand at just over 601,362 BTC. The significant transfers reflect Grayscale’s strategic adaptation and showcase the market’s volatility.
Conclusion
The cryptocurrency market continues to see volatility as investors closely monitor Grayscale’s Bitcoin transfers. The movements highlight adaptations to new regulations and prompt scrutiny from analysts as dynamics shift.
