Grayscale Bought Most of its Bitcoin on Coinbase, Says CryptoQuant Research
CryptoNewsTerminal Staff07 Jun, 2024
Grayscale Bought Most of its Bitcoin on Coinbase, Says CryptoQuant Research
Grayscale Investments, the issuer of the Bitcoin (BTC) physical exchange-traded fund (ETF), has been actively accumulating BTC on Coinbase, according to data from CryptoQuant Research. CryptoQuant lead Julio Moreno reported via Twitter on Tuesday that "issuers of the spot #Bitcoin ETF are mainly buying #BTC in Coinbase, while other exchange BTC balances are irrelevant for ETFs." He explained that in bull markets, a premium is created on Coinbase with BTC flowing to Coinbase from other exchanges. Additionally, Coinbase Advanced, a trading platform for professional investors, also provides BTC for custody. "The most visible decrease in Coinbase holdings is the amount related to custody movements," Moreno added.
