Key Highlights;
- Grayscale sent about $245 million in Bitcoin to Coinbase, potentially for sale, impacting market prices.
- This move coincided with a market downturn, where Bitcoin fell sharply and over $316 million in liquidations occurred.
Yello ParadiseSquad! Let’s dive into the latest crypto market liquidation, Grayscale, a heavyweight in digital asset management, has transferred an eye-popping $245 million worth of Bitcoin to Coinbase.
This significant move suggests potential sales on the open market, sparking a hefty drop in cryptocurrency market capitalization. In the last day alone, the market has seen a $200 billion reduction. This transfer includes large batches, each valued at about $42.84 million, aimed likely for sale through Coinbase Prime.
Market Impact and Further Transfers
This massive shift coincides with a broader market downturn, where total crypto market cap saw a drastic fall. Additional large-scale transfers tracked by Whale Alert included millions in USDC and Ethereum moving to Coinbase, hinting at more extensive market activities.
These transactions align with recent trends following the SEC’s approval of Bitcoin ETFs, leading to significant outflows from Grayscale’s Bitcoin Trust as investors pivot to new, lower-fee ETFs.
The result has been over $316 million in market liquidations, primarily from traders holding long positions on Bitcoin as it dips. Currently, Bitcoin has plummeted to $60,069, marking an 18.2% drop from its peak.
