đđđ #grayscale âs 4,000 Bitcoin Transfer Worth $175M Stirs Market Speculation Amid Record ETF Trading Volume
Recent #blockchainâ analytics revealed that 4,000 bitcoins, valued at approximately $175 million, were transferred from addresses linked to Grayscaleâs Bitcoin Trust (GBTC) in four batches of 1,000 bitcoins each, directed to Coinbase. This occurred amid the debut of a new spot bitcoin exchange-traded fund (ETF), which generated $4.6 billion in trading volume on its first day, causing a 5.5% decline in bitcoin's value. Grayscaleâs reserves decreased by 4,000 BTC, equivalent to $175 million. While specific addresses are unconfirmed, Arkham Intelligence had previously identified Grayscaleâs wallets in September 2023, indicating dispersed bitcoin assets across over 1,750 addresses. Arkham's tracking shows Grayscale manages 621,853 BTC and 2.9 million ETH, differing from Grayscaleâs official website reporting 619,162 BTC as of Jan. 12, 2024. Arkhamâs records reveal the last movement of funds from Grayscaleâs wallets to Coinbase occurred two weeks ago. Whether these funds are sold or reassigned by Coinbase for custody remains uncertain, with speculations on social media lacking concrete evidence. Data shows over $3 billion traded across all spot bitcoin ETFs on Friday, with GBTC, Blackrockâs IBIT, and Bitwiseâs BITB leading. Bloomberg ETF analyst James Seyffart noted total net inflows amounted to $655 million in an update on social media.
Source - news.bitcoin.com
