Grayscale significantly slowed BTC outflows after adjusting its Bitcoin holdings to move the market, according to blockchain analysts.
In a Twitter post Tuesday, Arkham Intelligence said: fell These figures show that Grayscale offloaded more than 4,400 BTC to its custodian, Coinbase, over the past day.
Currently, the price of BTC at that level is less than $200 million. However, the recent offload was “less than half of last week’s average daily volume.”
Earlier this month, the fund manager, a subsidiary of Digital Currency Group (DCG), eliminate An even larger amount of digital coins moved into U.S. exchanges in just a few days, totaling $2.2 billion.
This has been shown to have an impact on cryptocurrency prices. get beaten.
Now industry observers like Arkham have concluded that the institution may be close to completion. Arkham referenced DCG CEO Barry Silbert on Tuesday and asked, “Has Barry closed the sale?”
Grayscale has started moving BTC to Coinbase for selling. converted the funds BTC Exchange Traded Fund (ETF) January 10th. ahead Grayscale’s Bitcoin Fund When converted to an ETF, it operated like a closed-end fund, requiring investors to hold stocks for at least six months.
Since its transformation into a popular new investment vehicle, investors have been eager to redeem their holdings.
Analysts were torn as to whether the price of BTC would explode following the approval of the long-awaited BTC ETF. At first it was like that –rise briefly This is the first time since 2021 that we are playing with $49,000 per coin.
It was then dropped with a grayscale movement.
With BTC currently priced at $43,535 (up 11% for the week), could it be on an upward trajectory?
Edited by Ryan Ozawa.
