Grayscale Withdraws $6.49 Million Worth of Bitcoin from Coinbase Prime
CryptoNewsTerminal Staff16 Sep, 2024
Grayscale Withdraws $6.49 Million Worth of Bitcoin from Coinbase Prime
Grayscale Investments, the world's largest digital currency asset manager, has withdrawn a substantial amount of Bitcoin (BTC) from Coinbase Prime, a leading cryptocurrency exchange. According to blockchain data analytics firm Arkham Intelligence (ARKM), a presumed Grayscale address beginning with "bc1qva" withdrew 111.545 BTC (worth $6.49 million) from a Coinbase Prime address 27 minutes ago. This withdrawal follows a series of recent large transactions by Grayscale, including a $1 billion purchase of BTC in June 2023 and a $500 million purchase in May 2023. The reasons for Grayscale's recent withdrawals are unclear, but the move has raised speculation among market observers. Some believe that Grayscale may be preparing to launch a new cryptocurrency product, while others believe that the firm may be selling off some of its BTC holdings to meet redemptions from investors. Grayscale has not yet publicly commented on the withdrawals. However, the firm has previously stated that it is committed to providing investors with access to the digital currency market.
