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Fast Take

In accordance with Arkham Intelligence knowledge, Grayscale transferred one other 18,400 BTC to a Coinbase Prime sizzling pockets on Jan. 17. Despatched in a number of 1,000 BTC transactions, the Bitcoin was valued at round $800 million as of press time.

On Jan. 16, the same switch value $387 million was additionally performed by Grayscale, once more to Coinbase Prime. The repetitive nature of those hefty transactions suggests potential redemption exercise on Grayscale’s half as traders probably rotate into lower-fee ETFs.

It’s additionally value noting that every one these transactions have been performed seconds earlier than the U.S. markets opened at 2:30 PM GMT, presumably hinting at a technique to leverage world market dynamics.

Given the restricted provide of Bitcoin and the character of Coinbase Prime’s function throughout a number of spot Bitcoin ETFs, the outflows from Grayscale are doubtless for use as liquidity for any potential inflows into different Bitcoin ETFs. Solely a handful of venues can be found to the ETF Belief to buy Bitcoin, with Coinbase Prime being the main participant.

The submit Grayscale outflows add additional $800 million BTC liquidity to Coinbase Prime OTC desk appeared first on CryptoSlate.

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