CoinShares Research Director: Grayscale’s total capital outflow this week has reached $1.58 billion
James Butterfill, research director at CoinShares, stated on X platform that yesterday, Grayscale saw another large-scale outflow of funds, with a total outflow of $1.58 billion this week. Newly issued ETFs continue to receive inflows, with a total of $1.23 billion in funds this week.
Grayscale transferred approximately 16,465 BTC to the Coinbase Prime address
According to Arkham monitoring, 10 minutes ago, Grayscale transferred 16,465 BTC to Coinbase Prime address, worth about $658 million.
Grayscale transferred 15,221 BTC to Coinbase, equivalent to approximately US$588 million
According to @ai_9684xtpa monitoring, 15,221 BTC, worth about 588 million US dollars, was transferred to Coinbase Prime address by Grayscale. In addition, 1920 BTC (about 74.26 million US dollars) was distributed to two new addresses, which is expected to be transferred to the trading platform later.
Grayscale associated address started transferring BTC to Coinbase 3 minutes ago
According to on-chain data, the Grayscale associated address started transferring BTC to Coinbase 3 minutes ago, and the transfer is currently in progress.
FTX's bankruptcy estate sells $1 billion worth of Grayscale Bitcoin Trust shares
Investors have sold over $2 billion worth of Grayscale Bitcoin Trust (GBTC) since it became an exchange-traded fund earlier this month. FTX's bankruptcy estate was responsible for a large portion of the exodus, selling 22 million shares worth close to $1 billion. While new bitcoin ETFs from BlackRock and Fidelity have seen inflows, GBTC has seen billions of dollars worth of bitcoin pulled out. FTX's selling pressure may ease now that it has finished liquidating its holdings, which were valued at $597 million in October 2023.
The number of BTC transferred by Grayscale tonight rose to 15,456, exceeding US$600 million for the first time
According to data analyst Yu Jin, as of the time of publication, a total of 15,456 BTC (approximately $629 million) has been transferred from the Grayscale Trust address to the Coinbase Prime address. It is reported that since the BTC spot ETF was passed on January 10th, the Grayscale Trust address has continuously transferred 69,799 BTC (approximately $2.942 billion) to Coinbase Prime during the opening hours of the US stock market for 6 consecutive trading days starting from January 12th.
Reuters: Alameda Research has dropped lawsuit against Grayscale
According to a court document filed on Monday, FTX subsidiary Alameda Research has withdrawn its lawsuit against Grayscale Investments, which accused the firm of sacrificing shareholder interests for its own gain. It is reported that Alameda filed the lawsuit in March last year in a Delaware court, alleging that Grayscale charged exorbitant fees and refused to allow investors to redeem their shares from its two cryptocurrency-focused trust funds.
Grayscale transfers 11,270 BTC to Coinbase Prime
According to Arkham data, at 22:21 Beijing time, an address marked as Grayscale: Bitcoin Trust transferred 11,270 BTC to the Coinbase Prime Deposit address.
Grayscale still has selling pressure of 281,045 BTC, about 12 billion US dollars
According to a recent analysis by Colorways Ventures and The Consensus founder Kiarash Hossainpour, there may be a shockwave in the Bitcoin market, with some significant Bitcoin holdings potentially causing huge selling pressure on the market in the first half of 2024. First, Hossainpour warns people to pay attention to the Grayscale Bitcoin Trust Fund (GBTC), whose holdings have decreased from 621,000 BTC to just under 580,000 BTC since the launch of the spot ETF. Compared to other providers such as Bitwise (0.2%) and BlackRock (0.25%), the trust's high annual fee of up to 1.5% and Grayscale's history currently result in massive selling, which may be the reason for the current downward trend. Furthermore, there is no sign of an end yet. According to experts, there is still selling pressure of 281,045 BTC, or about $12 billion. In addition, the bankruptcy proceedings of Celsius and FTX exacerbate potential selling. It is expected that the liquidation and distribution will take place in the first half of 2024, and the approximately 38,000 BTC (worth $1.6 billion) provided by Celsius and the approximately 20,500 BTC (worth $850 million) provided by FTX may be converted into dollars.
Grayscale has shed approximately 52,227 BTC since ETF passage
Lookonchain monitoring data shows that Grayscale currently holds 566,973 BTC ($23.21 billion) according to data from the Grayscale website. Since the ETF was approved, it has reduced its holdings by about 52,227 BTC ($2.14 billion). iShares (Blackrock) holds 33,431 BTC ($1.37 billion), Fidelity holds 24,857 BTC ($1.02 billion), and Bitwise holds 10,152 BTC ($415.6 million).
