Coin Edition -
- Grayscale transferred Bitcoin tokens worth over $175 million to Coinbase (NASDAQ:COIN).
- A pundit claims Grayscale’s outflows are attributable to Genesis selling GBTC for BTC.
- Grayscale now holds 449,834 Bitcoin, valued at over $23 billion.
The most prominent crypto asset manager, Grayscale, has moved a significant amount of Bitcoin within the past day to liquid exchange for a potential sell-off. Chinese reporter Colin Wu called attention to the development in a recent post on X.
Citing data from data analytics platform Arkham Intelligence, Colin Wu revealed that Grayscale transferred 3,443.1 Bitcoin tokens to an address associated with U.S.-based crypto exchange Coinbase. In particular, Grayscale sent the BTC tokens to Coinbase Prime, the exchange’s platform specifically designed to provide liquidity for institutions.
According to Arkham, at 22:12 UTC+8 on February 23, Grayscale transferred 3,443.1 BTC to the address of Coinbase Prime Deposit, worth approximately US$175 million. https://t.co/79xyMqJylW— Wu Blockchain (@WuBlockchain) February 23, 2024
Arkham Intelligence suggested Grayscale moved the 3,443.1 BTC tokens in five transactions, each separated by intervals of minutes. Considering Bitcoin now trades at $51,116, the moved tokens hold a monetary value of $175,997,602.
A commenter proposed that the substantial increase in Grayscale outflows is attributable to Genesis selling GBTC for BTC. They noted that because the sales will be in BTC, their effects will balance out in terms of BTC. As a result, they concluded that Grayscale’s flows will likely be less bearish in the coming months.
Following this recent transfer, Grayscale now holds 449,834 Bitcoin, valued at over $23 billion. Ethereum (ETH) constitutes Grayscale’s second-largest holding, with approximately three million units of ETH valued at over $8.87 billion.
Livepeer (LPT) occupies the third position in Grayscale’s portfolio, albeit significantly behind, with $7.85 million. Other notable tokens in Grayscale’s holdings include Uniswap (UNI), Chainlink (LINK), and Avalanche (AVAX). In total, the asset manager oversees a crypto portfolio exceeding $31 billion.
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