Ethereum

Prime

THORChain

<div class="coinjournal">
 <ul>
 <li>Sei (SEI) Sui (SUI) and THORChain (RUNE) were among biggest decliners on Thursday as Bitcoin and Ethereum struggled.</li>
 <li>Declines for BTC came amid ongoing sell-off from Grayscale, which had deposited over $1.7 billion in BTC to Coinbase Prime since January 12.</li>
 </ul>
 The crypto market flipped red on Thursday afternoon as Bitcoin price fell below $41,500 again. Altcoins were also struggling, with Ethereum below $2,500 as the global crypto market cap shrunk by about 2.4% to $1.71 trillion.
 Among the biggest losers on the day were Sei (SEI), down 15%; Sui (SUI) down 10%; and THORChain (RUNE), down 13% at the time of writing.
 <h2 id="span-style-font-weight-400-grayscale-dumping-btc-amid-etf-redemptions-span">Grayscale dumping BTC amid ETF redemptions</h2>
 The crypto downturn came as Grayscale transferred another 9,840 <a rel="noopener noreferrer nofollow" title="BTC" href="https://thebittimes.com/tag/btc.html">BTC</a> worth $418 million to Coinbase Prime, with the total amount of <a rel="noopener noreferrer nofollow" title="BTC" href="https://thebittimes.com/tag/btc.html">BTC</a> moved from the G<a rel="noopener noreferrer nofollow" title="BTC" href="https://thebittimes.com/tag/btc.html">BTC</a> ETF issuer reaching 41,478 <a rel="noopener noreferrer nofollow" title="BTC" href="https://thebittimes.com/tag/btc.html">BTC</a>. In total, Grayscale has moved over $1.7 billion in <a rel="noopener noreferrer nofollow" title="BTC" href="https://thebittimes.com/tag/btc.html">BTC</a> to Coinbase Prime since January 12, with these sold as the company handles redemptions.
 On Thursday, Grayscale saw $450 million in outflows. Alex Thorn, head of research at Galaxy noted this outlook on X.
 <blockquote class="twitter-tweet" data-width="500" data-dnt="true">
 grayscale transferred 9,839 <a rel="noopener noreferrer nofollow" title="BTC" href="https://thebittimes.com/tag/btc.html">BTC</a> ($417m) onchain to coinbase prime this morning to settle yesterday’s redemptions (T+1 settlement).
 notably less than the day before when they moved 18k <a rel="noopener noreferrer nofollow" title="BTC" href="https://thebittimes.com/tag/btc.html">BTC</a> ($770m) to coinbase prime to settle tuesday’s redemptions
 — Alex Thorn (@intangiblecoins) January 18, 2024
 </blockquote>
 
 Both <a rel="noopener noreferrer nofollow" title="BTC" href="https://thebittimes.com/tag/btc.html">BTC</a> and ETH were trading 3% down in the past 24 hours, while in the top 10 cryptocurrencies by market cap, Solana had shed more than 5% as it dipped below $100, while Avalanche was trading nearly 6% in the red at $33.49.
</div>
Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/sei-sui-rune-slump-as-bitcoin-drops-amid-grayscale-dump-tbt77023.html">https://thebittimes.com/sei-sui-rune-slump-as-bitcoin-drops-amid-grayscale-dump-tbt77023.html</a>

SEI, SUI, RUNE slump as Bitcoin drops amid Grayscale dump

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