Grayscale, the owner of the Grayscale Bitcoin Trust (GBTC), added on the 16th as GBTC remains a net seller following its conversion to a physical ETF (exchange traded fund). I sent 9000BTC to the exchange.

According to data from blockchain analysis firm Arkham Intelligence, Bitcoin (BTC) moved in units of 1,000 units after 14:30 Coordinated Universal Time (UTC) (the opening of the U.S. stock market after the three-day weekend). did.

Grayscale’s GBTC experienced net outflows following last week’s approval of the spot ETF by U.S. regulators. Investors sold for a variety of reasons, including the lack of discounts to net asset value and lower fees from competing ETFs.

Grayscale sold 2,000 BTC last week, and this move will increase the total amount sold to 11,000 BTC. The amount of GBTC held fell below 610,000 BTC.

Bitcoin plummeted nearly 2% on the Grayscale news, falling below $42,100 (approximately 6,104,500 yen, equivalent to 145 yen to the dollar), but quickly recovered and reached 43,100 at the time of writing. It is moving in dollars.

｜Translation and editing: Rinan Hayashi
｜Image: CoinDesk
｜Original text: Grayscale Moves Another 9K Bitcoin to Exchange in Preparation for Sale