According to Arkham data, at 22:21 Beijing time, an address marked as Grayscale: Bitcoin Trust transferred 11,270 BTC to the Coinbase Prime Deposit address.

According to a recent analysis by Colorways Ventures and The Consensus founder Kiarash Hossainpour, there may be a shockwave in the Bitcoin market, with some significant Bitcoin holdings potentially causing huge selling pressure on the market in the first half of 2024. First, Hossainpour warns people to pay attention to the Grayscale Bitcoin Trust Fund (GBTC), whose holdings have decreased from 621,000 BTC to just under 580,000 BTC since the launch of the spot ETF. Compared to other providers such as Bitwise (0.2%) and BlackRock (0.25%), the trust's high annual fee of up to 1.5% and Grayscale's history currently result in massive selling, which may be the reason for the current downward trend. Furthermore, there is no sign of an end yet. According to experts, there is still selling pressure of 281,045 BTC, or about $12 billion. In addition, the bankruptcy proceedings of Celsius and FTX exacerbate potential selling. It is expected that the liquidation and distribution will take place in the first half of 2024, and the approximately 38,000 BTC (worth $1.6 billion) provided by Celsius and the approximately 20,500 BTC (worth $850 million) provided by FTX may be converted into dollars.

Lookonchain monitoring data shows that Grayscale currently holds 566,973 BTC ($23.21 billion) according to data from the Grayscale website. Since the ETF was approved, it has reduced its holdings by about 52,227 BTC ($2.14 billion). iShares (Blackrock) holds 33,431 BTC ($1.37 billion), Fidelity holds 24,857 BTC ($1.02 billion), and Bitwise holds 10,152 BTC ($415.6 million).

On January 20th, Grayscale's official holdings data and CC15Capital's statistics showed that the official holdings data of GBTC before it was converted to a Bitcoin spot ETF was 619,162, and its current holdings data is 566,973, which means that Grayscale has sold 52,639 BTC, equivalent to approximately 2.8 billion USD, after GBTC was converted to a spot ETF. The daily outflow of funds in USD is:

According to Yu Jin monitoring, 10 minutes ago, 12,865 BTC (about 529 million US dollars) was transferred from the Grayscale Trust address to Coinbase Prime.

Data analyst Yu Jin monitored that the Gray Trust address transferred 9,840 BTC to Coinbase Prime 20 minutes ago. Since the BTC spot ETF was approved, the Gray Trust address has transferred a total of 41,478 BTC (worth about 1.784 billion US dollars) to Coinbase Prime during the opening time of the US stock market for 4 consecutive trading days starting from January 12th.

According to KiYoung Ju, the founder of CryptoQuant, about 8,000 BTC flowed out of Grayscale's wallet yesterday. The wallet currently holds 587,500 BTC.

According to Coinglass data, the current Grayscale ETH Trust negative premium rate is 12.45%, and the ETC Trust negative premium rate is 46.69%. In addition, the Grayscale LTC Trust premium rate is 50.08%, the BCH Trust premium rate is 46.36%, the SOL Trust premium rate is 299.46%, the MANA Trust premium rate is 448.01%, the LINK Trust premium rate is 265.94%, and the FIL Trust premium rate is 903.65%.

According to BitMEX Research's statistics, the outflow of funds for Grayscale GBTC as the third day of Bitcoin spot ETF trading reached 590 million US dollars, with a total outflow of 1.169 billion US dollars in the first three days.

According to on-chain data, Grayscale's holding address transferred 9,000 BTC to Coinbase, worth approximately $380 million.