Bitcoin
$62,806.18-1.23%
Ethereum
$3,159.64-4.62%
Binance Coin
$590.53-2.36%
Solana
$134.48-5.42%
XRP
$0.51436953-0.95%
Dogecoin
$0.14196763-5.42%
Toncoin
$5.23-5.09%
Cardano
$0.45347836-3.01%
Shiba Inu
$0.00002372-4.12%
Avalanche
$34.81+0.00%
Tron
$0.11829510-1.87%
Wrapped Bitcoin
$62,814.74-1.54%
PlayIconNav
Crypto Prices CoinDesk 20 Index CoinDesk 20 Index
Countdown to Consensus 2024The largest and longest running event that covers all sides of Crypto and Web 3
29
DAYS
19
HR
02
MIN
37
SEC
Markets

Grayscale Moves Another 9K Bitcoin to Exchange in Preparation for Sale

The news sent bitcoin tumbling early Tuesday, but the price quickly recovered.

By Lyllah Ledesma
AccessTimeIconJan 16, 2024 at 4:27 p.m. UTC
Updated Mar 8, 2024 at 8:02 p.m. UTC
Bitcoin Price (CoinDesk)
Bitcoin Price (CoinDesk)
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Grayscale, the owner of the Grayscale Bitcoin Trust (GBTC), sent an additional 9,000 bitcoin to an exchange early Tuesday as net selling of the product continues following its conversion to a spot exchange-traded fund (ETF).

According to data from Arkham Intelligence, the coins moved in batches of 1,000 just after 14:30 UTC (when the U.S. stock market opened following the three-day weekend).

Following U.S. regulatory approval for a spot ETF last week, Grayscale's GBTC has seen net outflows as investors sold for any number of reasons, the elimination of the discount to net asset value and lower fees at competing ETFs among them.

The outflows resulted in Grayscale selling 2,000 bitcoin last week, a number that for now has risen to 11,000 and taken GBTC's holdings to below 610,000 BTC.

Bitcoin (BTC) saw a sudden drop of nearly 2% to below $42,100 on the Grayscale news, but the price has quickly recovered to $43,100 as of press time.

Edited by Stephen Alpher.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Lyllah Ledesma
Lyllah Ledesma

Lyllah Ledesma is a CoinDesk Markets reporter currently based in Europe. She holds bitcoin, ether and small amounts of other crypto assets.

Follow @LedesmaLyllah on Twitter

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.