Grayscale Continues BTC Outflow, $1.3 Billion Dumped In 3 Days

Key Points:

• From January 12th to 17th, a total of 31,638 BTC, worth around $1.366 billion, was transferred.
• The largest single transfer observed was 18,638 BTC ($798 million) on January 17th.

Grayscale continues BTC outflow, transferring 31,638 BTC (~$1.366B) to Coinbase Prime across three transactions on Jan 12, 16, and 17, signifying a steady Bitcoin outflow.

Grayscale Trust has been maintaining a steady outflow of Bitcoin (BTC) in recent days. On the 17th of January, a significant transfer of 18,638 BTC, equivalent to $798 million, was observed moving to Coinbase Prime.

Prior to this, on January 16th, Grayscale had sent an additional 9,000 BTC, worth approximately $385 million, to what was speculated to be a Coinbase Prime deposit address.

Further back, on January 12th, another transaction was recorded where Grayscale sent 4,000 BTC, valued around $183 million, to a Coinbase Prime deposit address.

Readmore: Grayscale Ethereum Spot ETF Delayed To Jan 25, 2024

Grayscale Continues BTC Outflow, Wall Street Bitcoin Exit?

These transactions have resulted in a total of 31,638 BTC, or around $1.366 billion, being transferred from the Grayscale Trust address to Coinbase Prime within this period. Despite such substantial outflows, the address associated with Grayscale still holds a significant balance.

Additionally, Wu reported that the spot BTC ETF group experienced a net outflow of $41.1 million on the third day based on BitMEX Research.

This included a net outflow of $590 million from GBTC, while BlackRock IBIT, Fidelity FBTC, and 21 Shares ARKB saw net inflows of $214 million, $103 million, and $123 million respectively.