According to blockchain analysts, Grayscale has significantly slowed BTC outflows after moving the market with a shuffle of Bitcoin holdings.
Arkham Intelligence said in a post on Twitter on Tuesday. Dropped The numbers show that Grayscale has offloaded over 4,400 BTC to custodian Coinbase in the past day.
The price of that much BTC is currently below $200 million. However, its latest unloading volume was “less than half of last week’s average daily volume.”
Earlier this month, the fund manager, a subsidiary of Digital Currency Group (DCG), remove More currency was put into circulation in digital coins, with at one point $2.2 billion moving onto American exchanges in a matter of days.
This seems to cause the price of virtual currency to fluctuate. hit.
Now, industry observers like Mr. Arkham have concluded that the system may be nearing completion. “Are you done selling Barry?” Arkham asked Tuesday, referring to DCG CEO Barry Silbert.
Grayscale has started migrating BTC to Coinbase for sale. converted the funds BTC Exchange Traded Fund (ETF) January 10th.prior to greyscale bitcoin fund The ETF conversion required investors to hold shares for at least six months, operating like a closed-end fund.
Ever since it turned into a popular new investment vehicle, investors have been keen to redeem their holdings.
Analysts are divided on whether the long-awaited approval of a Bitcoin ETF will cause Bitcoin prices to explode. At first it was—temporarily increased For the first time since 2021, it flirts with $49,000 per coin.
Then it decreased with the grayscale movement.
BTC price is currently at $43,535 (up 11% for the week), but is it on an upward trajectory?
Edited by Ryan Ozawa.