Key Points
- Grayscale transfers nearly 4010 Bitcoin (BTC) to Coinbase, valued at over $245 million.
- This move aligns with a sudden shift in BTC market sentiment as BTC price dips.
According to data from Arkham Intelligence, Grayscale has recently transferred approximately 4010 Bitcoin (BTC) to Coinbase.
The value of this transfer exceeds $245 million.
Market Sentiment Shift
This substantial asset transfer occurred concurrently with a sudden change in BTC market sentiment.
The price of BTC dropped from over $61,200 to around $60,600.
The Reason for the Transfer
Grayscale, known for its Grayscale Bitcoin Trust (GBTC) investment product, moved over 4000 BTC to Coinbase following a steady decrease in BTC price.
Earlier in the day, BTC had reached a high of $64,600, but it fell approximately $4000 per token, marking a 2.5% decrease in a single day.
Grayscale recently experienced a decrease in its Bitcoin ETF spot dominance, which fell to 37% on April 29.
This drop suggests that competitors in the market are attracting investors away from GBTC.
