JUST IN: 🔥 Grayscale sends about 19,000 Bitcoin to Coinbase this morning as the US markets open 🔥
This is a breaking news headline about a large transfer of Bitcoin from Grayscale, the owner of the Grayscale Bitcoin Trust (GBTC), to Coinbase, a popular cryptocurrency exchange.
The transfer coincides with the opening of the US stock markets, which may affect the price of Bitcoin.
Grayscale has been sending a significant amount of Bitcoin to Coinbase since the launch of Bitcoin spot exchange-traded funds (ETFs) on January 12, 2024.
This could indicate that investors are shifting their capital from GBTC, which has a high expense ratio of 1.5%, to other lower-cost spot Bitcoin ETFs, such as BlackRock’s IBIT and Fidelity’s FBTC. Some analysts also suggest that the outflows from GBTC may be due to profit-taking following the ETF conversion.
The Bitcoin price has been fluctuating in response to these developments, dropping by 8% since the commencement of ETF trading. However, it has recently found support at $42,000 and is currently trading at $43,1001.
The future of Bitcoin and the cryptocurrency market remains uncertain, as many factors could influence the supply and demand of the digital asset. Opportunity to some hodler.
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