Grayscale Bitcoin Trust transferred approximately 4,000 BTC worth $183 million to Coinbase Prime deposit addresses.
This is according to the latest data from Arkham Intelligence. Grayscale's Spot Bitcoin ETF, known for its comparatively high 1.5% fee structure, could be seeing a change as investors look for options in response to the SEC's recent approval of several spot Bitcoin ETFs.
Other ETFs managed by firms such as BlackRock, VanEck, ARK 21Shares and Bitwise offer more competitive fees, ranging from as low as 0.2% to 1.5%, with some even introducing introductory exemptions.
Grayscale's transfer history to Coinbase addresses | Source: Arkham
The Bitcoin market itself is undergoing notable changes. After the SEC approved various Bitcoin spot ETFs, the price of Bitcoin peaked at around $49,000 but then fell to around $43,500, a 5.5% decline in a single day. This price volatility could be due to several factors, including the market's reaction to the new ETFs and a possible supply shock due to large transactions like Grayscale.
Previously, several analysts had also suggested that significant fluctuations in Bitcoin's value could be expected as the market adjusted to these new investment vehicles.
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