$2 billion worth of dormant Bitcoin moved after spot ETF trading begins

Will there be big selling pressure?

Tens of thousands of Bitcoin (BTC) cryptocurrencies, which have only moved twice in the past 11 years, appear to have been moved anew. Once again, the movements of whales (large holders) are attracting attention.

According to observations from Arkham Intelligence, a blockchain data analysis service, just before the US stock market on the 17th, Bitcoin from 49 addresses was consolidated into 5 addresses, holding a total of 49,858 BTC (approximately $2.12 billion). Ta. The last time BTC at these addresses moved was in 2019 and 2013.

$2 BILLION of dormant Bitcoin moved just before US market open today, across several linked addresses.

The BTC had moved once in 2019, and before that had been dormant since 2013. pic.twitter.com/xD4frjzQuP

— Arkham (@ArkhamIntel) January 16, 2024

Bitcoin’s closing price was $754 in 2013 and $7,216 in 2019.

connection: Arthur Hayes, considering how to use Bitcoin spot ETF and the outlook for the market price

Grayscale’s GBTC selling pressure

Furthermore, grayscale outflows from GBTC continue.

On the 17th trading day, a total of 18,638 BTC (approximately $800 million) in Bitcoin was confirmed to have been transferred to Coinbase Prime.

Source: Arkham Intelligence

This outflow follows yesterday’s observed transfer of a total of 9,000 BTC to Coinbase, which has been an ongoing outflow since the Bitcoin ETF began trading last Thursday.

GBTC currently has the highest management fee (1.5%) among the 11 Bitcoin ETFs, and large investors and traders who acquired GBTC at a low price when it went negative are likely to turn to Bitcoin ETFs with lower fees such as BlackRock and Fidelity. It is believed that they are selling it in order to switch cars.

connection: Will Grayscale Bitcoin ETF continue to sell after 9000 BTC transfer?

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