Grayscale has started to move Bitcoin out of its trust and began sending it to Coinbase at 2 pm Greenwich Mean Time. So far, a total of 4,000 BTC (about $200 million) has been sent, and all Bitcoin has been sent to Coinbase Prime.

Coinbase acts as a broker and counterparty for almost all ETF issuers, including Grayscale. Therefore, this transfer is likely to indicate the outflow of funds from the trust fund yesterday. The last outflow of funds before today occurred about two weeks ago, when multiple transactions were made in the Grayscale Bitcoin wallet.