Grayscale's GBTC Has Moved More Than 100K BTC to Exchange Since Spot Bitcoin ETF Launch
Summary
Grayscale's Bitcoin Trust (GBTC) transferred over 19,000 bitcoin to Coinbase Prime, totaling nearly 113,000 BTC moved since Jan. 11. The majority was prepared for sale, impacting GBTC's holdings, which decreased by about 100,000 BTC. Not all BTC moved is for redemption, as some is for trading activity settlements. GBTC's massive outflow is attributed to a management fee cut and has contributed to pressure on bitcoin's price, which fell below $40,000. Despite hopes of a slowdown in GBTC exits after FTX's sale, the movement of 19,000 bitcoin to an exchange indicates otherwise.
