👉👉👉 #grayscale Cuts Bitcoin Outflows In Half, One-Day Volume Drops Below $200 Million
Grayscale, after causing notable market shifts with its Bitcoin portfolio adjustments, has considerably reduced the pace of its Bitcoin outflows, as reported by blockchain analysts.
In a Tuesday Twitter update, Arkham Intelligence shared statistics indicating that Grayscale had transferred more than 4,400 $BTC to Coinbase, its custodian, in the past day.
Although the current value of this Bitcoin stands at less than $200 million, this recent offloading represents "less than half of the average daily volume last week." In the earlier part of this month, the fund manager, a subsidiary of Digital Currency Group (DCG), had been divesting a more substantial amount of digital coins, moving $2.2 billion within a few days to the American exchange, resulting in notable pressure on the cryptocurrency's price.
As of now, industry observers, including Arkham, are speculating that Grayscale might be nearing the completion of its selling activities. On Tuesday, Arkham posed the question: "Is Barry done selling?" referring to DCG CEO Barry Silbert.
Grayscale initiated the transfer of its BTC to Coinbase for selling after converting its fund into a Bitcoin exchange-traded fund (ETF) on January 10. Before this conversion, Grayscale operated as a closed-end fund, requiring investors to hold their shares for at least six months.
Since the transformation into this popular new investment vehicle, investors have shown eagerness to redeem their holdings.
Analysts held differing opinions on whether the approval of BTC #ETFs would trigger a surge in Bitcoin prices. Initially, there was an uptick, with the price briefly reaching close to $49,000 per coin for the first time since 2021.
Source - decrypt.co
