Grayscale Moves Nearly $1 Billion Worth Of Bitcoin In Past Month – Report

Opeyemi Sule

1 year ago

3 mins read

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According to the latest report, asset management firm Grayscale has been transferring large amounts of Bitcoin to various wallet addresses over the past month. This data revelation comes days after the asset manager’s application to convert its Bitcoin trust to a spot exchange-traded fund (ETF) was approved by the United States Securities and Exchange Commission (SEC).

It is believed that the Grayscale Bitcoin Trust is one of the largest Bitcoin entities in the world. In September 2023, crypto analytics platform Arkham Intelligence discovered the asset manager’s multi-billion dollar BTC holdings across more than 1,750 wallet addresses.

How Much Did Grayscale Send To Coinbase?

CryptoQuant’s founder Ki Young Ju revealed – via a post on the X platform – that Grayscale has moved about 21,400 BTC to different wallet addresses in the last 30 days. The CEO also highlighted that some of the funds were sent to Coinbase, the largest centralized exchange in the United States.

Grayscale sent 21.4k $BTC to multiple addresses, including Coinbase, in the last 30 days. pic.twitter.com/7WK9qV8wa3

— Ki Young Ju (@ki_young_ju) January 13, 2024

Specifically, the recent conversion of the Grayscale Bitcoin Trust to a spot BTC ETF has put some spotlight on the firm’s funds movement in recent days. This is because the shares of GBTC are now redeemable for Bitcoin following the ETF approval on January 10.

However, Arkham Intelligence data on Friday, January 12, a day after the spot Bitcoin ETFs began trading in the US, revealed that Grayscale’s Bitcoin trust sent 894 BTC (about $41 million) to Coinbase in a single transaction. This amount sent to the exchange represents about 0.15% of GBTC’s total holdings.

Arkham’s data shows that an additional $119 million in BTC was sent to other addresses on January 12. Interestingly, these funds outflows from Grayscale Bitcoin Trust are believed to have caused the sudden downturn in the price of BTC on Friday.

Popular crypto trader Ran Neuner agreed with this belief, saying that the Bitcoin price is “dumping” as investors are selling their GBTC shares. Neuner said in his post on X:

GBTC held $25bn+ worth of Bitcoin that has been locked up for years with no option to be sold. As soon as the redemption option opened, for the first time people are starting to exit – as they exit the Bitcoin must be sold on the market.

Bitcoin Price is dumping as people are dumping their GBTC shares.

GBTC held $25bn+ worth of Bitcoin that has been locked up for years with no option to be sold. As soon as the redemption option opened, for the first time people are starting to exit – as they exit the Bitcoin… pic.twitter.com/EqHgpHyVdd

— Ran Neuner (@cryptomanran) January 12, 2024

Bitcoin Price Overview

As of this writing, the price of Bitcoin stands at $42,805, reflecting a 7% decline in the past 24 hours. The premier cryptocurrency has reversed most of its gains in the past week after initially falling to below $42,000 on Friday.

According to CoinGecko data, Bitcoin’s price is down by about 2.5% in the last seven days. Nevertheless, BTC maintains its position as the largest cryptocurrency in the sector, with a market cap of $838 billion.

Bitcoin price struggles to stay above $43,000 on the daily timeframe | Source: BTCUSDT chart on TradingView

Featured image from iStock, chart from TradingView

Opeyemi Sule

Opeyemi is a proficient writer and enthusiast in the exciting and unique cryptocurrency realm. While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies.

Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. “Looking” is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi’s favorite part - in fact, far from it.

Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. “This emphasizes the intricacies of blockchain technology and the cryptocurrency market,” he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger.

When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi’s Spotify Daily Mix.

Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books - ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K.
Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that.

Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi’s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings.

Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time - he believes that “whatever is worth doing at all is worth doing well.” Hence, you will always find him striving to be better.

Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon - cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment - spreading the crypto gospel to the rest of the world.

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