Grayscale’s BTC sell-offs are in the beginning stages of slowing down after the financial giant sent over $5 billion worth of Bitcoin to the top US crypto exchange Coinbase.
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, totaled over $4.64 billion since the exchange-traded fund (ETF) approvals. Even after the massive deposits, Grayscale remained the third-largest holder of Bitcoin with 502,043.26 BTC worth $20.67 billion.
Today, Arkham Intelligence, a crypto intelligence aiming to “deanonymize the blockchain,” says that Grayscale’s flows are starting to “significantly lessen.”
“Seems like Grayscale flows are starting to significantly lessen this week.
Today, Grayscale sent 6.9K BTC ($289.5M) to Coinbase.
This is down almost 34% from their last transfer on Friday, and a decrease of over 45% from their average daily transfer size last week, $530.2M.”
Last week, former White House official and Skybridge Capital founder Anthony Scaramucci said that his trading desk reported that GBTC holders booked losses on their shares in order to hold ETFs with lower fees, leading to a large amount of Bitcoin sell pressure.
BTC is worth $43,200 at time of writing, up 6% in the last week.
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