Blockchain data analysis platform Arkham Intelligence announced today that since the approval of Grayscale’s GBTC to convert to a Bitcoin spot ETF and list in the US on the 11th, Grayscale has transferred nearly 113,000 bitcoins worth over $4.5 billion from its wallet addresses. However, these bitcoins do not represent all of them being sold.
According to the latest data from Arkham Intelligence, since the 11th, Grayscale has transferred nearly 113,000 bitcoins from its wallet addresses, with the majority of them being transferred to Coinbase Prime for sale.
According to Grayscale’s official website, GBTC currently holds about 537,000 bitcoins, a decrease of about 100,000 bitcoins since the 11th. It should be noted that, as pointed out by Arkham Intelligence, although a large amount of bitcoins has flowed out of Grayscale’s wallet addresses, these bitcoins do not necessarily mean that they will all be sold. Coindesk reported that there are many reasons for the large outflow of funds from GBTC, but the main reason is that Grayscale’s management fee for GBTC, after converting it to a spot ETF, has only decreased by 0.5% to 1.50%, which is more than 1% higher than the other nine Bitcoin spot ETFs. This has led to a decrease of over $1 billion in GBTC’s managed assets on average this week.
Data from BitMEX Research shows that GBTC had a net outflow of $429 million on the 24th, and within nine trading days after obtaining approval to convert to a Bitcoin spot ETF, the cumulative net outflow has reached $4.39 billion.
The continuous decline in Bitcoin in recent days is believed to be due to the continuous outflow of funds from GBTC. However, the good news is that Bloomberg analyst Eric Balchunas stated that although Grayscale transferred over 10,000 bitcoins on the 24th, the trading volume of GBTC has declined for the third consecutive trading day, which may be a sign of exhaustion in selling.
Eric Balchunas further pointed out that the outflow scale of GBTC on the 24th was only $425 million, which is the lowest outflow since the first day of converting to a spot ETF, and the outflow scale has continued to decrease. He believes that using wallet addresses as a prediction indicator for fund outflows would be futile.
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