Grayscale Bitcoin Sell-Off Hits $5B Following $450M BTC Dump
- Grayscale Investments has transferred more Bitcoin to Coinbase Prime Deposit.
- The investment management firm has had a floppy start to the launch of Bitcoin ETFs.
- Other Bitcoin ETF issuers have recorded positive inflows of funds.
The trade of Grayscale Investments’ Bitcoin ETFs got off to a rocky start, recording significant outflows as opposed to other issuers. Since the launch on January 11, Grayscale has recorded nearly $2 billion in sell-offs, marking an unexpected turn of events given its once-favorable market position.
Despite recent market predictions forecasting an imminent reversal, the streak does not appear to be ending anytime soon as Grayscale continues to transfer assets.
Grayscale Bitcoin Sell-Off
According to Arkham Intelligence data on January 26, Bitcoin ETF issuer Grayscale has moved an additional 10,923 BTC to Coinbase Prime Deposit, worth approximately $449 million.
The transfer, which is likely directed towards investment redemptions as investors continue to make their exit from GBTC, brings the total value of Grayscale’s transfer to 123,923 BTC.
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The Grayscale Bitcoin sell-off has seen the divestment of approximately $5.1 billion so far, bringing its Bitcoin holdings down to 518,281 from a previous stash of over 640,000.
GBTC’s performance contradicts the broader market performance of all other 10 Bitcoin ETF issuers, including BlackRock and Fidelity Investments, who collectively recorded over $10 billion in inflows .
Bitcoin is experiencing significanT price fluctuations in response to the continual sell-offs. The market giant slipped below $39,000 two days ago, before rebounding to its current trading rate of $41,286.
This ironic Bitcoin whale is gearing up for BTC sell-off, find out more:
Surprise 4th Largest Bitcoin Holder Plans $130M Selloff
Investors anticipate Ethereum ETF following BTC approval, but the SEC has other plans, read more:
BlackRock Ethereum ETF Joins the Wait as SEC Delays Decision
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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