Bitcoin

Million

Grayscale Bitcoin Trust

BlackRock

<img width="1200" height="675" src="https://coingape.com/wp-content/uploads/2023/12/grayscalecryptopremium-e1707169798282.jpg" class="attachment-full size-full wp-post-image" alt="Grayscale" decoding="async" style="float:right; margin:0 0 10px 10px;">
Despite the<a href="https://coingape.com/price/bitcoin"> Bitcoin price</a> staying above the $50,000 mark, the past three days are marked red and have led to a 2.65% drop. Recovering from the cold days after the ETFs listing, the pre-halving rally boosts the crypto and accounts for an almost 20% jump this February.&nbsp;However, despite the recent pump, Grayscale, the digital asset management company, is starting to go against the tide. 
Infamous for causing a bear market after the <a href="https://coingape.com/spot-bitcoin-etf-outranks-3400-rivals-with-2-3b-weekly-inflow/">Bitcoin Spot ETF</a> approval, the <a href="https://coingape.com/grayscale-etf-lineup-to-expand-to-privacy-coins-like-zcash/">Grayscale</a> Bitcoin Trust (GBTC) continues to dump Bitcoin.&nbsp; 
<h2 id="b-grayscale-sells-off-175-million-worth-bitcoin-b">Grayscale Sells Off $175 Million Worth Bitcoin</h2> 
In a notable transaction observed by Arkham, Grayscale conducted a significant transfer of Bitcoin on February 23 at 22:12 UTC+8. The transaction involved moving 3,443.1 BTC into the <a href="https://coingape.com/coinbase-adds-dot-xrp-doge-to-its-futures-market-lineup/">Coinbase</a> Prime Deposit address.&nbsp; 
<a href="https://coingape.com/wp-content/uploads/2024/02/Screenshot-2024-02-23-202146.png"><img decoding="async" class="aligncenter size-full wp-image-182238" src="https://coingape.com/wp-content/uploads/2024/02/Screenshot-2024-02-23-202146.png" alt="Transactions on Arkham Intelligence" width="946" height="333" srcset="https://coingape.com/wp-content/uploads/2024/02/Screenshot-2024-02-23-202146.png 946w, https://coingape.com/wp-content/uploads/2024/02/Screenshot-2024-02-23-202146-300x106.png 300w, https://coingape.com/wp-content/uploads/2024/02/Screenshot-2024-02-23-202146-768x270.png 768w, https://coingape.com/wp-content/uploads/2024/02/Screenshot-2024-02-23-202146-150x53.png 150w" sizes="(max-width: 946px) 100vw, 946px"></a> 
<a rel="nofollow" href="https://platform.arkhamintelligence.com/explorer/address/125bUS4Vej9HbEztD1qUyNx4q2oRkSUyeX">Arkham Intelligence</a> 
This transfer is particularly noteworthy due to its substantial value, estimated at approximately US$175 million, with the current Bitcoin price around $50,920.&nbsp; 
<h2 id="span-style-font-weight-400-why-the-sudden-sell-off-span">Why the sudden sell-off?</h2> 
The exact causes for the swift capital outflows observed recently remain uncertain at this moment. However, one plausible explanation could be that traders decided to liquidate their holdings to capitalize on the profits from the recent surge in market values, especially after having their investments tied up in the fund for an extended period.&nbsp;&nbsp; 
In the U.S. based spot Bitcoin ETFs, GBTC stands out for its relatively high management fee, set at 1.5%. This fee is significantly higher compared to its competitors, such as <a href="https://coingape.com/bitcoin-etf-blackrock-ibit-grayscale-gbtc-plunge-pre-market-after-weak-inflow/">BlackRock’s IBIT</a>, which has a much lower fee of 0.12%. However, it’s important to note that BlackRock has announced plans to adjust IBIT’s fee structure, raising it to 0.25% in the coming 12 months.&nbsp; 
The difference in management fees could be a critical factor for investors when choosing between various investment options, as lower fees generally translate to higher net returns over time, making products like IBIT more attractive to cost-conscious investors. 
The post <a href="https://coingape.com/grayscale-dumps-more-bitcoin-coinbase-worth-175-million/">Grayscale dumps more Bitcoin on Coinbase Worth $175 Million&nbsp;</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Grayscale dumps more Bitcoin on Coinbase Worth $175 Million

Table of Contents

Coingape News Media

Other articles published on Feb 23, 2024

Why is the Crypto Market Down Today? Here’s What Happened in the last 12 hours!

Reddit allocates excess cash to Bitcoin and Ethereum

Historic Lunar Landing by Intuitive Machines (LUNR) Sends Stock to the Moon

Legendary Trader Peter Brandt Takes Dig at Bitcoin Maxis

USDC launches on Celo blockchain, CELO price jumps 9%

XAI Token Set To Break New ATH at $2 Amid 110% Rally: Technical Analyst

Join our free newsletter for daily crypto updates!