Golden Finance reported that according to data compiled by Arkham, Grayscale has transferred nearly 113,000 bitcoins from its wallet since the spot Bitcoin ETF was listed on January 11, most of which were transferred to Coinbase Prime for sale.
As of early morning on January 25th, Beijing time, the Grayscale website showed that GBTC held approximately 537,000 bitcoins, a decrease of approximately 100,000 bitcoins since January 11th.
Arkham noted that not all of this may be related to redemptions, saying: "The outflows were generally distributed between Coinbase Prime and the new GBTC custody address, meaning that not all of the transferred Bitcoin was redeemed, and the outflows appear to be settlements of trading activity from the previous few days."
