{"id":569863,"date":"2024-01-17T00:00:06","date_gmt":"2024-01-17T00:00:06","guid":{"rendered":"https:\/\/uniquehot.com\/?p=569863"},"modified":"2024-06-11T07:32:33","modified_gmt":"2024-06-11T07:32:33","slug":"grayscale-transfers-almost-12000-btc-to-coinbase-bitcoin-price-reacts","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/grayscale-transfers-almost-12000-btc-to-coinbase-bitcoin-price-reacts\/","title":{"rendered":"Grayscale Transfers Almost 12,000 BTC To Coinbase, Bitcoin Price Reacts"},"content":{"rendered":"

In a significant development that could potentially impact the Bitcoin price, Arkham Intelligence data reveals that Grayscale, the manager and owner of the <\/span>Grayscale Bitcoin Trust <\/span><\/a>(GBTC), has been sending a significant amount of Bitcoin to Coinbase since the launch of Bitcoin spot exchange-traded funds (ETFs) on January 12.<\/span><\/p>\n

Grayscale Bitcoin Trust Initiates Substantial BTC Outflow<\/span><\/h2>\n

According to the <\/span>data<\/span><\/a>, four days ago, Grayscale initiated the first batch of BTC outflows from their holdings to the US-based exchange in four separate batches, totaling 4,000 BTC, which amounted to approximately $183 million. However, the asset manager resumed outflows from the Trust to the exchange on Tuesday.<\/span><\/p>\n

\"Bitcoin
A portion of Grayscale’s transfers to Coinbase. Source: Arkham<\/a><\/figcaption><\/figure>\n

In a recent update, approximately three hours ago, the asset manager sent an additional 11,700 BTC to <\/span>Coinbase<\/span><\/a>, amounting to $491.4 million. This additional selling pressure could push the Bitcoin price to test lower support levels.<\/span><\/p>\n

Related Reading: Institutional Inflows Into XRP Surges 244% Amid ETF Speculation<\/a><\/div>\n

Furthermore, Bloomberg <\/span>reports <\/span><\/a>that investors have withdrawn over half a billion dollars from the Grayscale Bitcoin Trust during the initial days of trading as an ETF.\u00a0<\/span><\/p>\n

According to Bloomberg’s data, <\/span>outflows <\/span><\/a>from the Grayscale Bitcoin Trust reached approximately $579 million, while the other nine spot Bitcoin ETFs witnessed inflows totaling nearly $819 million.<\/span><\/p>\n

Investors Shift Capital To \u2018Lower-Cost\u2019 Spot Bitcoin ETFs<\/span><\/h2>\n

James Seyffart, an ETF analyst at Bloomberg Intelligence, noted that investors may be profit-taking following the ETF conversion. The flow data provides valuable insights into the ETF’s performance following SEC approval.\u00a0<\/span><\/p>\n

Although over $2.3 billion of GBTC shares were traded on its first day, the outflows indicate that a portion of that volume was due to selling. Seyffart anticipates that a significant amount of capital will enter other<\/span> Bitcoin exposures<\/span><\/a>.<\/span><\/p>\n

The outflows from Grayscale’s ETF were somewhat expected. Bloomberg Intelligence had previously projected that the fund would experience outflows of over $1 billion in the coming weeks.\u00a0<\/span><\/p>\n

Some of this outflow can be attributed to investors shifting towards more cost-effective spot Bitcoin ETFs. With an expense ratio of 1.5%, GBTC is the most expensive US ETF directly investing in Bitcoin. In contrast, the <\/span>VanEck <\/span><\/a>Bitcoin Trust, the second-most expensive fund, charges 0.25%.<\/span><\/p>\n

On the other hand, other spot Bitcoin ETFs have witnessed net inflows. BlackRock’s IBIT attracted nearly $500 million in the first two days of trading, while Fidelity’s FBTC received approximately $421 million.\u00a0<\/span><\/p>\n

According to Bloomberg, these inflows suggest strong demand for Bitcoin exposure in physically backed ETFs, even beyond potential seed funding from the fund issuers.<\/span><\/p>\n

Bitcoin Price Finds Support At $42,000<\/span><\/h3>\n

Currently, the Bitcoin price remains unaffected by the news of Grayscale’s transfers to Coinbase. The leading cryptocurrency is trading at $43,100, showing a slight increase of 0.8% over the past 24 hours.<\/span><\/p>\n

However, since the commencement of<\/span> ETF trading<\/span><\/a>, it is important to note that the Bitcoin price has experienced a significant retracement, declining by 8%. This decline can be attributed to profit-taking and selling pressure, with Grayscale’s involvement being noteworthy.
\n<\/span><\/p>\n

Related Reading: Ethereum Trouncing Bitcoin, ETH\/BTC Ratio Bouncing Higher: Will This Trend Continue?<\/a><\/div>\n

In the event of a further drop in the Bitcoin price, a significant support level has been established at $42,000. If this level is breached, the next <\/span>key level<\/span><\/a> for Bitcoin bulls to watch is $41,350, followed by a potential dip below $40,000.<\/span><\/p>\n

The market is eagerly observing whether Grayscale and its BTC selloff will continue and how this will impact the Bitcoin price leading up to the scheduled halving event in April, which many consider to be the main catalyst for the year.<\/span><\/p>\n

\"Bitcoin
The daily chart shows BTC’s valuation at $43,100. Source: BTCUSDT on TradingView.com<\/a><\/figcaption><\/figure>\n

Featured image from Shutterstock, chart from TradingView.com\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

In a significant development that could potentially impact the Bitcoin price, Arkham Intelligence data reveals that Grayscale, the manager and owner of the Grayscale Bitcoin Trust (GBTC), has been sending a significant amount of Bitcoin to Coinbase since the launch of Bitcoin spot exchange-traded funds (ETFs) on January 12. Grayscale Bitcoin Trust Initiates Substantial BTC Outflow According to the data, four days ago, Grayscale initiated the first batch of BTC outflows from their holdings to the US-based exchange in four separate batches, totaling 4,000 BTC, which amounted to approximately $183 million. However, the asset manager resumed outflows from the Trust to the exchange on Tuesday. In a recent update, approximately three hours ago, the asset manager sent an additional 11,700 BTC to Coinbase, amounting to $491.4 million. This additional selling pressure could push the Bitcoin price to test lower support levels. Related Reading: Institutional Inflows Into XRP Surges 244% Amid ETF Speculation Furthermore, Bloomberg reports that investors have withdrawn over half a billion dollars from the Grayscale Bitcoin Trust during the initial days of trading as an ETF.\u00a0 According to Bloomberg’s data, outflows from the Grayscale Bitcoin Trust reached approximately $579 million, while the other nine spot Bitcoin ETFs witnessed inflows totaling nearly $819 million. Investors Shift Capital To \u2018Lower-Cost\u2019 Spot Bitcoin ETFs James Seyffart, an ETF analyst at Bloomberg Intelligence, noted that investors may be profit-taking following the ETF conversion. The flow data provides valuable insights into the ETF’s performance following SEC approval.\u00a0 Although over $2.3 billion of GBTC shares were traded on its first day, the outflows indicate that a portion of that volume was due to selling. Seyffart anticipates that a significant amount of capital will enter other Bitcoin exposures. The outflows from Grayscale’s ETF were somewhat expected. Bloomberg Intelligence had previously projected that the fund would experience outflows of over $1 billion in the coming weeks.\u00a0 Some of this outflow can be attributed to investors shifting towards more cost-effective spot Bitcoin ETFs. With an expense ratio of 1.5%, GBTC is the most expensive US ETF directly investing in Bitcoin. In contrast, the VanEck Bitcoin Trust, the second-most expensive fund, charges 0.25%. On the other hand, other spot Bitcoin ETFs have witnessed net inflows. BlackRock’s IBIT attracted nearly $500 million in the first two days of trading, while Fidelity’s FBTC received approximately $421 million.\u00a0 According to Bloomberg, these inflows suggest strong demand for Bitcoin exposure in physically backed ETFs, even beyond potential seed funding from the fund issuers. Bitcoin Price Finds Support At $42,000 Currently, the Bitcoin price remains unaffected by the news of Grayscale’s transfers to Coinbase. The leading cryptocurrency is trading at $43,100, showing a slight increase of 0.8% over the past 24 hours. However, since the commencement of ETF trading, it is important to note that the Bitcoin price has experienced a significant retracement, declining by 8%. This decline can be attributed to profit-taking and selling pressure, with Grayscale’s involvement being noteworthy. Related Reading: Ethereum Trouncing Bitcoin, ETH\/BTC Ratio Bouncing Higher: Will This Trend Continue? In the event of a further drop in the Bitcoin price, a significant support level has been established at $42,000. If this level is breached, the next key level for Bitcoin bulls to watch is $41,350, followed by a potential dip below $40,000. The market is eagerly observing whether Grayscale and its BTC selloff will continue and how this will impact the Bitcoin price leading up to the scheduled halving event in April, which many consider to be the main catalyst for the year. Featured image from Shutterstock, chart from TradingView.com\u00a0<\/p>\n","protected":false},"author":589,"featured_media":569867,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,532,90555,91160,9960,656,679,6939,755,768,1119,1144,8390,78790,1393,6664,1558,7523,91093,61774,89192,83824],"class_list":["post-569863","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-etf","tag-bitcoin-etf-news","tag-bitcoin-etf-rally","tag-bitcoin-etfs","tag-bitcoin-news","tag-bitcoin-price","tag-bitcoin-price-news","tag-bitcoin-technical-analysis","tag-bitcoin-trading","tag-btc","tag-btcusd","tag-btcusd-price","tag-btcusdt","tag-coinbase","tag-crypto","tag-cryptocurrency","tag-grayscale","tag-grayscale-bitcoin","tag-grayscale-bitcoin-trust","tag-grayscale-news","tag-grayscale-trust"],"acf":[],"yoast_head":"\nGrayscale 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Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision. Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities. Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth. However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape. 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