On January 16th, Grayscale, a leading digital currency asset manager, transferred approximately $385.1 million worth of Bitcoin, with some funds going to wallets previously used for transfers to Coinbase, aligning with the NYSE opening. The same day, Grayscale moved over 10,000 bitcoins amid a sell-off, as the Grayscale Bitcoin ETF (GBTC) saw traders withdraw $579 million. This follows GBTC's conversion to a spot ETF. Despite the outflows, Grayscale reloaded less than 20% of the sold bitcoins back into its holdings.
Traders pulled $579M out of the Grayscale bitcoin ETF $GBTC, likely moving into lower cost funds and capturing profits. https://t.co/6urTwUuB5E
Greyscale / $GBTC selling looks like its gonna be a bloodbath... they have already sent 10k+ BTC on 01/16 (red) and have reloaded with more BTC from the trust (green). Only bright side is they reloaded less than 20% of the outflows today... https://t.co/CP9fGaFLmF
Traders Flee Grayscale Bitcoin ETF With $579 Million in Outflows https://t.co/kB2f9gKmJZ
Grayscale sent an additional 9K #bitcoin to an exchange early Tuesday as net selling of $GBTC continues following its conversion to a spot ETF. @LedesmaLyllah reports https://t.co/iroAngztRG
BREAKING: $GBTC (@Grayscale) MOVES ~$385.1M WORTH OF $BTC, SOME OF WHICH TO WALLETS IT HAS PREVIOUSLY USED TO MOVE FUNDS TO @coinbase - AS @NYSE OPENS https://t.co/uCM13OKQJN
BREAKING: $GBTC (@Grayscale) MOVES ~385.1M WORTH OF $BTC, SOME OF WHICH TO WALLETS IT HAS PREVIOUSLY USED TO MOVE FUNDS TO @coinbase - AS @NYSE OPENS https://t.co/DD7g8Y1WV1