Grayscale’s BTC Sell-Off Falls After Depositing $4.91B to Coinbase

• According to Wu Blockchain, Grayscale holds 496,573.8166 BTCs as of January 29.
• Lookonchain cites a Grayscale deposit of $4.91 billion of BTCs to Coinbase.
• Grayscale’s GBTC outflow is also slowing down, with today’s mark of $191.7 million.

The latest data revealed that the financial giant Grayscale holds 496,573.8166 Bitcoins as of January 29. According to the Chinese reporter Wu Blockchain, Grayscale has sold a staggering 120,500 BTC, equivalent to almost $5.508 billion, since the Spot Bitcoin ETF approval on January 11.

Reportedly, Grayscale’s sell-offs are slowing down after the giant deposited a total of $4.91 billion worth of Bitcoin to Coinbase. Lookonchain, a prominent crypto analytics platform, took to X to share insights on Grayscale’s most recent transfer of 6,534 BTC ($274.95 million) to Coinbase Prime, the exchange’s full-service prime brokerage platform.

According to Lookonchain, Grayscale currently holds 495,290 BTC, worth $20.76 million, following the deposit of 119,663 in total. In a preceding post on X, on January 26, Lookonchain unveiled Grayscale’s 9,995 BTC deposit, worth $410.9 million, to Coinbase Prime.  

In other news, Grayscale’s exchange-traded fund, GBTC, has also slowed down in outflow. A report dated January 26 asserted that GBTC outflow is lessening with the ETF’s move slowing down for the third day. Updating the matter, James Seyffart, a Senior ETF Analyst at Bloomberg, confirmed that the outflow is declining, with today’s outflow standing at $191.7 million. In another post, Seyffart cited the connection between ETF outflow and the falling Bitcoin prices, stating,

ETFs aren’t THE market themselves. Yes they’re now a big slice of the pie but there’s a lot more to the pie. Bitcoin ETF inflows can coincide with falling Bitcoin prices. Outflows can coincide with rising prices. Shouldn’t be confusing?

In the previous week, Grayscale had been witnessing massive outflows. According to a report, January 23 saw the highest GBTC outflow, marking $640 million in a day.