Grayscale Pulls 208 BTC Worth $12M into Coinbase Prime

IconCryptoNewsTerminal Staff10 Jul, 2024

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Grayscale Pulls 208 BTC Worth $12M into Coinbase Prime

Grayscale Investments, the world's largest digital currency asset manager, made a significant deposit of 208.3 Bitcoin (BTC) into Coinbase Prime, a custodial service offered by the leading cryptocurrency exchange Coinbase. As per data from Arkham Intelligence, a leading blockchain analytics firm, the transaction occurred around 20 minutes ago and is currently valued at approximately $12.2 million. This substantial inflow of BTC could be related to various factors, such as rebalancing of Grayscale's portfolio, client demand, or market conditions. It is worth noting that Grayscale has been actively increasing its BTC holdings in recent months, particularly after the recent market downturn. Last month, the firm added approximately 4,000 BTC to its flagship Grayscale Bitcoin Trust (GBTC). The movement of large amounts of cryptocurrency by institutional investors like Grayscale can significantly impact market dynamics, affecting price and liquidity. Grayscale's latest deposit into Coinbase Prime highlights the growing role of custodians and institutional involvement in the digital asset ecosystem as they seek secure and regulated ways to participate in the crypto market.

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