Grayscale Transfers Almost 12,000 BTC To Coinbase, Bitcoin Price Reacts
Summary
Grayscale Bitcoin Trust has sent significant amounts of Bitcoin to Coinbase, totaling 15,700 BTC, potentially impacting Bitcoin's price. Investors withdrew over $579 million from Grayscale Bitcoin Trust, while other spot Bitcoin ETFs saw inflows of nearly $819 million. Outflows from Grayscale's ETF were expected, with investors shifting to lower-cost spot Bitcoin ETFs. Despite the outflows, the Bitcoin price remains at $43,100, with a retracement of 8% since ETF trading began. A support level is established at $42,000, with potential further drops to $41,350 and below $40,000. The market is watching for Grayscale's BTC selloff and its impact leading up to the scheduled halving event in April.
