Grayscale, the issuer of the Grayscale Bitcoin Trust (GBTC), has reportedly moved approximately 31,638 Bitcoin (BTC), valued at $1.3 billion, to its dedicated Coinbase accounts. This significant transfer occurred in the wake of the U.S. Securities and Exchange Commission’s (SEC) approval of 11 spot Bitcoin exchange-traded funds (ETFs) on January 10.
Arkham Intelligence revealed the details of the transactions, which spanned three days, specifically on January 12, January 16, and January 17. During these days, Grayscale deposited substantial amounts of Bitcoin into Coinbase Prime wallets from its Coinbase custody accounts, coinciding with the opening trading hours of the U.S. stock market.
The first transaction involved the transfer of 4,000 BTC, equivalent to $183 million. The subsequent transaction moved around 9,000 Bitcoins with a value of $385 million. The third and largest deposit consisted of over 18,000 BTC, valued at $798 million. Notably, these deposits represent the most substantial movements by Grayscale into Coinbase since the approval of spot BTC ETFs.
Simultaneously, Grayscale experienced outflows of nearly $1.2 billion from its converted BTC ETF. Analysts suggest that the likely reason for these outflows is Grayscale’s relatively high ETF fee of 1.5%.
The approval of spot BTC ETFs has seen significant trading volume, outperforming other ETFs launched in the past 12 months. Notable issuers such as BlackRock, Bitwise, and VanEck reported triple the trading volume compared to 500 ETFs released in 2023.
In related news, the United States Government Accountability Office has recommended improvements in internal control following a false announcement of the spot BTC ETF approval. The SEC promptly deleted the inaccurate announcement and indicated an ongoing investigation with the FBI. U.S. senators are seeking explanations about the source of the compromise, placing the SEC under scrutiny.
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