Digital asset manager Grayscale has deposited billions of dollars worth of Bitcoin to crypto exchange Coinbase since the approval of spot BTC exchange-traded funds (ETFs), on-chain data shows.
Blockchain tracking firm Lookonchain says that on Friday, Grayscale deposited $410.9 million in BTC to Coinbase Prime, the crypto exchange’s platform that caters to institutional clients.
The deposit added to an already large stream of BTC deposits from Grayscale, which according to Lookonchain, now totals over $4.64 billion since the ETF approvals. Even after the massive deposits, Grayscale remains the third-largest holder of Bitcoin to the tune of 502,043.26 BTC worth $20.67 billion.
While Grayscale’s Coinbase deposits are presumably putting sell pressure on Bitcoin, data gathered by crypto analyst InvestAnswers suggests the launch of ETFs is overall bullish for the crypto king.
Says InvestAnswers,
“THE GOOD NEWS:
1) Blackrock has nearly $2 billion in assets under management and after [Friday] will have 50,000 BTC
2) Fidelity growing faster than Blackrock, Fidelity customers love BTC more
3) If you remove Grayscale – on average, $550 million dollars per day are rolling into BTC ETFs
4) If you remove Grayscale – these ETFs sucked in 140,000 BTC
5) The ETFs alone are sucking in 15.5x the daily Bitcoin supply created
6) Bitcoin bottomed earlier this week – now FOMO (fear of missing out) times.”
At time of writing, Bitcoin is trading at $41,984.
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