Some X accounts theorized that the Bitcoin crash was caused by GBTC redemptions, but Arkham data shows only $41 million in outflows.
The Grayscale Bitcoin Trust (GBTC) moved 894 Bitcoin (worth $41 million worth at the time of the transfer) to a Coinbase Prime deposit wallet on Jan. 12, according to data from blockchain analytics platform Arkham Intelligence. The movement comes the day after the Trust started to allow authorized participants to redeem Bitcoin. Some X (formerly Twitter) accounts speculated that Grayscale Trust redemptions were responsible for the downturn in Bitcoin's price, although the withdrawals have been small as a percentage of Grayscale's total assets so far.
In addition to the $41 million in outflows to Coinbase, another $119 million was sent to wallets with no previous history.
The Grayscale Bitcoin Trust is often believed to be one of the largest single holders of Bitcoin (BTC) in the world. In a Sept. 6 social media post, Arkham claimed that the Trust held over $16 billion worth of Bitcoin. Current Arkham data estimates the trust’s holdings at $27 billion, as the price of Bitcoin has risen over the past few months.
