Grayscale Transfers $200M Bitcoin to Coinbase Post-ETF Launch

Starting on January 12 at 2:00 PM GMT, Grayscale, a digital asset investment firm, started transferring Bitcoin from its trust to Coinbase.

By the time this article was published, 4,000 BTC (about $200 million) had been sent, all of which went to Coinbase Prime, a major player in the Bitcoin ETF series that debuted yesterday.

Almost all ETF issuers, including Grayscale, use Coinbase as their broker and trading counterparty. As a result, this transfer probably represents trust outflows related to yesterday’s transactions.

Before today, there had been several withdrawals from the Grayscale Bitcoin wallets over about two weeks.

Grayscale Bitcoin withdrawals (Source: Arkham)

Although spot Bitcoin ETFs follow the real price of Bitcoin exactly, issuers are exempt from having to buy and sell Bitcoin in real time during trading hours.

Also Read: Grayscale Adds XRP And AVAX To Large Cap Fund, Drops MATIC

Disclaimer: The information researched and reported by The Crypto Times is for informational purposes only and is not a substitute for professional financial advice. Investing in crypto assets involves significant risk due to market volatility. Always Do Your Own Research (DYOR) and consult with a qualified Financial Advisor before making any investment decisions.

Follow The Crypto Times on Google News to Stay Updated!