Grayscale Shifts Over 4000 BTC to Coinbase Worth $245M

Coinspeaker
Grayscale Shifts Over 4000 BTC to Coinbase Worth $245M

According to Arkham Intelligence data, Grayscale has moved almost 4010 Bitcoin (BTC) — worth over $245 million — to Coinbase in the last hour.

🚨 BREAKING 🚨

GRAYSCALE HAS JUST TRANSFERRED 4011 BTC WORTH $245 MILLION TO COINBASE pic.twitter.com/K2jeazRQjD

— Ash Crypto (@Ashcryptoreal) April 30, 2024

The asset shift coincided with a sudden BTC market sentiment shift as BTC price fell from above $61,200 to around $60,600.

Rationale behind the Move

Known for its Grayscale Bitcoin Trust (GBTC) investment product, Grayscale’s move to shift over 4000 BTC to Coinbase follows the steady fall in BTC price today. Reaching as high as $64,600 earlier today, BTC is down roughly $4000 per token — down 2.5% on the day.

Grayscale recently witnessed a dip in its spot Bitcoin ETF dominance, falling to 37% on April 29. Fighting for dominance amongst ten Bitcoin ETFs, the fall suggests competitors in the market are attracting investors away from GBTC.

Grayscale Shifts Over 4000 BTC to Coinbase Worth $245M