Grayscale sends 588 million MBTC to Coinbase, BTC falls to 38K, ETH breaks 2.2K
According to Arkham data, after 10 pm on 1/23, the Grayscale address sent out multiple transactions transferring a total of 15,222 BTC (approximately $5.885 billion) to the ETF custodian Coinbase Prime. Since the approval of the Bitcoin spot ETF, a total of 79,213 BTC has been transferred to Coinbase Prime.
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Review of Nathan Yu's Perspective: Opening the Cash Out Door for Whales
In November 2023, researcher Nathan Yu analyzed:
"At the initial establishment of spot ETFs, new funds will indeed flow into Bitcoin. However, if spot ETFs allow for physical redemption, it will also provide whales with another channel to cash out by redeeming spot ETFs and then selling ETFs in the stock market. This will actually awaken dormant Bitcoin whales and lead them to exit through ETFs.
In other words, at the initial establishment of spot ETFs, funds will flow in, but it will also cause whales to sell off."
Nathan Yu's Perspective | Bitcoin Spot ETF = Bull Market? Understanding the Blind Spots and Actual Impact of Bitcoin ETF
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