Grayscale dumps more Bitcoin on Coinbase Worth $175 Million – CoinGape
News
Markets
Cryptoguru
Collection
Contact
Follow us on:
TRENDING TODAY
Despite the Bitcoin price 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. 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 Bitcoin Spot ETF approval, the Grayscale Bitcoin Trust (GBTC) continues to dump Bitcoin.
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 Coinbase Prime Deposit address. 
Arkham Intelligence
This transfer is particularly noteworthy due to its substantial value, estimated at approximately US$175 million, with the current Bitcoin price around $50,920.
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.
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 BlackRock’s IBIT, 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.
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.
AI Giant NVIDIA Surpasses $2T Market Cap Post-Earning Boom
Crypto Cybercrime: China’s Supreme Procuratorate Raises Concern on Increased Use
DAILY NEWSLETTER
Your daily dose of Crypto news, Prices & other updates..
Cryptocurrency Prices
Popular
Popular Categories
Exclusive
Contact
Exclusive
Contact
Close