According to Arkham monitoring, 10 minutes ago, Grayscale transferred 12,210 BTC worth approximately $488 million to Coinbase Prime address.

Ki Young Ju, founder and CEO of CryptoQuant, wrote on X platform that the Grayscale Bitcoin Trust (GBTC) holdings have decreased by 15% in the past seven days. If this trend continues at this rate, it is expected that GBTC will reach zero in mid-March this year. Ki Young Ju also questioned Grayscale's plan to reduce GBTC holdings.

Lookonchain monitoring shows that on January 24th, Grayscale's GBTC reduced 13,179 BTC ($529.2 million). The remaining 8 Bitcoin ETFs increased by 8,251 BTC ($331.3 million), with Fidelity adding 4,023 BTC ($161.5 million).

James Butterfill, research director at CoinShares, stated on X platform that yesterday, Grayscale saw another large-scale outflow of funds, with a total outflow of $1.58 billion this week. Newly issued ETFs continue to receive inflows, with a total of $1.23 billion in funds this week.

According to Arkham monitoring, 10 minutes ago, Grayscale transferred 16,465 BTC to Coinbase Prime address, worth about $658 million.

According to @ai_9684xtpa monitoring, 15,221 BTC, worth about 588 million US dollars, was transferred to Coinbase Prime address by Grayscale. In addition, 1920 BTC (about 74.26 million US dollars) was distributed to two new addresses, which is expected to be transferred to the trading platform later.

According to on-chain data, the Grayscale associated address started transferring BTC to Coinbase 3 minutes ago, and the transfer is currently in progress.

Investors have sold over $2 billion worth of Grayscale Bitcoin Trust (GBTC) since it became an exchange-traded fund earlier this month. FTX's bankruptcy estate was responsible for a large portion of the exodus, selling 22 million shares worth close to $1 billion. While new bitcoin ETFs from BlackRock and Fidelity have seen inflows, GBTC has seen billions of dollars worth of bitcoin pulled out. FTX's selling pressure may ease now that it has finished liquidating its holdings, which were valued at $597 million in October 2023.

According to data analyst Yu Jin, as of the time of publication, a total of 15,456 BTC (approximately $629 million) has been transferred from the Grayscale Trust address to the Coinbase Prime address. It is reported that since the BTC spot ETF was passed on January 10th, the Grayscale Trust address has continuously transferred 69,799 BTC (approximately $2.942 billion) to Coinbase Prime during the opening hours of the US stock market for 6 consecutive trading days starting from January 12th.

According to a court document filed on Monday, FTX subsidiary Alameda Research has withdrawn its lawsuit against Grayscale Investments, which accused the firm of sacrificing shareholder interests for its own gain. It is reported that Alameda filed the lawsuit in March last year in a Delaware court, alleging that Grayscale charged exorbitant fees and refused to allow investors to redeem their shares from its two cryptocurrency-focused trust funds.