Quick Take

Just before the U.S. market opened on Jan. 16, Grayscale, the world’s largest digital currency asset manager, initiated a significant transfer to Coinbase. The transactions involved shifting 9,000 BTC across nine separate transactions, each valued at around $43.7 million, towards a Coinbase Prime hot wallet, for a total of $387 million, according to Arkham Intelligence data.

Grayscale sending BTC to Coinbase Prime (Source: Arkham Intelligence)

This substantial movement was not a standalone occurrence. Just four days prior, on Jan. 12, Grayscale was observed making a similar transfer worth $200 million to Coinbase Prime.

These large-scale, high-value transactions hint at possible redemption activity on Grayscale’s part, an interpretation that takes on weight considering the repetitive nature of the activity. These transfers also underscore the importance of Coinbase Prime, a platform geared towards institutional investors, in managing high-value transactions of this scale.

All transactions, so far, have been before the U.S. markets opened at 2:30 PM GMT.

The post Grayscale moves $387 million in Bitcoin to Coinbase in possible redemption play appeared first on CryptoSlate.

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Filed under: Bitcoin - @ January 16, 2024 5:14 pm