Blockchain data analysis platform Arkham Intelligence today released data showing that since Grayscale’s GBTC was approved for conversion to a Bitcoin spot ETF and listed in the United States on the 11th, Grayscale has transferred nearly 113,000 Bitcoins worth over $4.5 billion from its wallet addresses. However, these Bitcoins do not necessarily represent all of them being sold.
According to Arkham Intelligence’s latest data, 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 potential sale.
According to Grayscale’s official website, GBTC currently holds approximately 537,000 Bitcoins, a decrease of about 100,000 Bitcoins since the 11th. It is worth noting that, according to Arkham Intelligence, although a large amount of Bitcoin has flowed out of Grayscale’s wallet addresses, it does not mean that all of these Bitcoins will be sold. Coindesk reported that there are many reasons for the large outflow of funds from GBTC, but the main reason is that after Grayscale converted GBTC into a spot ETF, the management fee decreased only 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 in GBTC’s managed assets by over $1 billion on average this week.
According to BitMEX Research data, GBTC had a net outflow of $429 million on the 24th. Since being approved for conversion to a Bitcoin spot ETF, within nine trading days, the cumulative net outflow has reached $4.39 billion.
The continuous decline in Bitcoin prices is believed to be due to the continuous outflow of funds from GBTC. However, good news is that Bloomberg analyst Eric Balchunas stated that although Grayscale transferred more than 10,000 Bitcoins on the 24th, the trading volume of GBTC has been declining for three consecutive trading days. This may be a sign of exhaustion in selling.
Eric Balchunas further pointed out that the outflow of funds from GBTC on the 24th was only $425 million, which is the lowest since the first day of conversion to a spot ETF, and the outflow continues to show a downward trend. He believes that using wallet addresses as a prediction indicator for fund outflows would be futile.
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