The GBTC fund sent another 8,730 BTC to Coinbase Prime as the Bitcoin price leveled out from earlier declines.
The Grayscale Bitcoin Trust (GBTC) transferred 8,730 Bitcoin (BTC), worth over $376 million, to Coinbase Prime deposit addresses on Jan. 16, according to data from blockchain analytics platform Arkham Intelligence. The transfers imply that the fund may have been forced to sell some of its Bitcoin as its share price declined.
Some analysts have argued that outflows from the trust are weighing on Bitcoin’s price and are partially responsible for its decline over the past few days. Despite the outflows, the price of Bitcoin appears to have stabilized during mid-day United States trading hours on Jan. 16.
The Grayscale Bitcoin Trust is one of the largest single holders of BTC in the world. Prior to Jan. 11, most investors in the fund could not redeem their shares for Bitcoin or a cash equivalent. But beginning on Jan. 11, the trust was converted into an exchange-traded fund (ETF).
