Grayscale moved $1.3b Bitcoin to Coinbase since ETF approval
Following the approval of spot Bitcoin ETFs, Grayscale has transferred some 31,638 BTC within its dedicated Coinbase accounts. According to Arkham Intelligence, the GBTC issuer moved a total of $1.3 billion in Bitcoin (BTC) since the U.S. Securities and Exchange Commission (SEC) approved 11 spot BTC exchange-traded funds (ETFs) on Jan. 10. The data available revealed transactions over three days, including Jan. 12, Jan. 16, and Jan 17. These deposits into Coinbase Prime wallets from Coinbase custody accounts all happened during the opening trading hours of the U.S. stock market. This is $BTC leaving $GBTC (in Coinbase custody) to go to the Coinbase hot wallet (two different things). Sell pressure from those exiting to avoid the 1.5% fee. — Dylan LeClair 🟠(@DylanLeClair_) January 17, 2024 You might also like: Jamie Dimon on Bitcoin: Don’t get involved The first transaction shows 4,000 BTC worth $183 million moved by Grayscale. Following that, Grayscale transfer...