Grayscale Prepares for Massive 9K Bitcoin Sale on Exchange
- Grayscale Transfers Additional 9,000 Bitcoin to Exchange amid GBTC Net Sales
- Details of the Transfer
- Effects of U.S. Regulatory Approval for a Spot ETF
- Outflows Impact on Grayscale Bitcoin Holdings
- Bitcoin Price Reaction to the Grayscale News
Grayscale Transfers Additional 9,000 Bitcoin to Exchange amid GBTC Net Sales
Grayscale, through its Grayscale Bitcoin$42,260 -0.64% Trust (GBTC), transferred an additional 9,000 bitcoin to an exchange early Tuesday. This transfer comes as a continuation of the net selling of the product following its conversion to a spot exchange-traded fund (ETF).
Details of the Transfer
Arkham Intelligence data confirms that the coins were moved in batches of 1,000 just after 14:30 UTC. This timing coincided with the opening of the U.S. stock market after the three-day weekend.
Effects of U.S. Regulatory Approval for a Spot ETF
Grayscale's GBTC has been experiencing net outflows since last week's regulatory approval for a spot ETF in the U.S. Investors have sold for a variety of reasons, including the elimination of the discount to net asset value and lower fees at competing ETFs.
Outflows Impact on Grayscale Bitcoin Holdings
The outflows led to Grayscale selling off 2,000 bitcoin last week. This number has since increased to 11,000, reducing GBTC's holdings to below 610,000 BTC.
Bitcoin Price Reaction to the Grayscale News
Bitcoin (BTC) experienced a sudden drop of close to 2% to below $42,100 following the Grayscale news. However, the price has rebounded swiftly to $43,100 as of the time of reporting.
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