Grayscale Transfers $41.14 Million in Bitcoin to Coinbase Prime

IconCryptoNewsTerminal Staff15 Aug, 2024

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Grayscale Transfers $41.14 Million in Bitcoin to Coinbase Prime

According to Arkham data, a Grayscale estimated address transferred 700 BTC, worth approximately $41.14 million, to Coinbase Prime approximately 10 minutes ago. Grayscale is the world's largest digital currency asset manager with over $50 billion in assets under management. Coinbase Prime is a cryptocurrency custody and trading platform for institutional investors. The transfer of such a large amount of Bitcoin could indicate that Grayscale is rebalancing its portfolio or preparing for increased volatility in the cryptocurrency market. It could also be a part of a larger strategy to diversify their holdings or cater to the growing institutional demand for digital assets.

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