Grayscale, whose Bitcoin Spot ETF application was officially approved last week, continues to make large-scale transfers to the Coinbase exchange. The company transferred 4,000 BTC to Coinbase on Friday and 9,000 BTC yesterday, and transferred approximately 19,000 (18,635) Bitcoin to the exchange when the US markets opened.
This transfer brings the number of BTC transferred by Grayscale to the Coinbase exchange in the last three business days (US markets are closed on Mondays) to over 30,000 thousand.
No Serious Drop in Bitcoin
These transfers did not cause a significant decrease in Bitcoin prices. During 9,000 transfers yesterday, Bitcoin first dropped to $42,000 and then rose again to $43,000. Following today’s delivery, the price initially dropped to $42,200 but later rebounded to $42,800.
What is the reason for the transfers?
Experts believe that investors with long ties to GBTC shares may be behind the transfer. As it is known, Grayscale did not allow customers to sell their GBTC shares at any time until they returned to the ETF. Assets were frozen for at least six months.
The value of GBTC stock dropped significantly in 2022 and 2023 due to the rapid increase in the discount rate. This situation again caused customers to wait for the discount to close. The conversion of GBTC into an ETF ended this discount and the activation opened the door to customers who had been wanting to sell for years.
