Crypto Markets Break Down As Grayscale Sends Over $245,000,000 Worth of Bitcoin to Coinbase
Crypto markets have shed nearly $200 billion off their market cap in the last 24 hours as some of the industry’s biggest players appear keen to unload their coins.
According to crypto “de-anonymizing” platform Arkham, digital assets manager Grayscale has sent nearly a quarter of a billion dollars worth of Bitcoin (BTC) to Coinbase, potentially to sell on the open market.
Arkham’s data shows Grayscale sending BTC to Coinbase Prime or addresses associated with Coinbase mostly in batches of $42.84 million.
Source: Arkham
According to Arkham, Grayscale also deposited considerable amounts of altcoins, including Ethereum (ETH), Avalanche (AVAX), Polygon (MATIC), Lido (LDO), Uniswap (UNI), Aave, Chainlink (LINK) and others.
After the U.S. Securities and Exchange Commission (SEC) approved spot Bitcoin exchange-traded funds (ETF), Grayscale saw billions in outflows as holders of the firm’s Bitcoin Trust (GBTC) opted for ETFs with lower fees.
Whale tracking service Whale Alert also spotted several large transfers headed to wallets belonging to Coinbase, including:
- 75,887,800 USDC (75,940,921 USD) transferred from unknown wallet to Coinbase Institutional
- 25,019 ETH (80,846,406 USD) transferred from unknown wallet to Coinbase Institutional
- 24,673 ETH (78,203,107 USD) transferred from unknown wallet to Coinbase Institutional
- 7,943 ETH (25,094,463 USD) transferred from unknown wallet to Coinbase
Grayscale’s offloading and the other large whale transfers have coincided with a correction in digital assets markets.
According to crypto data aggregator Coinglass, more than $316.29 million of liquidations have occurred in the last 24 hours – the vast majority of which being traders attempting to leverage long Bitcoin during the dip.
At time of writing, Bitcoin is trading at $60,069, down 18.2% from its all-time high.
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