Grayscale Don Transfer 886.39 BTC Go Coinbase Prime
For August 4, Grayscale wey be big digital asset manager, move total of 886.39 BTC wey worth about $101 million then from three different addresses go e Coinbase Prime account. Two addresses wey relate to Bitcoin Trust product move 196.57 BTC and 393.14 BTC, while the Bitcoin Mini Trust address send 296.68 BTC. This kind synchronized move fit mean say dem dey rebalance portfolio or dey adjust liquidity inside Grayscale investment sets. By send these assets go Coinbase Prime, the company dey use the exchange institutional platform for possible trade or custody. Traders suppose dey watch any change for Bitcoin reserves wey dey on-exchange and Grayscale flow data, because big deposits often show say price fit fresh and e fit mean short-term market pressure dey come.
Bearish
Di coordinated transfer of 886.39 BTC from Grayscale go Coinbase Prime dey show say supply fit increase as e fit enter exchange order book weh fit cause selling pressure. For history, big institutional deposits for trading platforms dey warn say market fit do drawdowns: example na say big inflows from Grayscale for mid-2024 dey coincide with short-term price dips. For short term, traders fit react to the high on-exchange Bitcoin balance by expecting more sell orders, wey fit make market dey volatile and price go down. But if the move na just to do internal rebalancing not to sell, market long-term effect fit small, and the general Bitcoin demand fundamentals fit still strong.