Grayscale moves $183m in BTC amid ETF fee competition

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Grayscale Bitcoin Belief transferred roughly 4,000 BTC, valued at $183 million, to Coinbase Prime deposit addresses. 

This was revealed from the newest information of Arkham Intelligence. Grayscale’s spot Bitcoin ETF, recognized for its comparatively excessive charge construction at 1.5%, could also be witnessing a shift as buyers discover choices in response to the SEC’s latest approval of a number of spot Bitcoin ETFs.

Different ETFs, managed by corporations like BlackRock, VanEck, ARK 21Shares, and Bitwise, supply extra aggressive charges, starting from as little as 0.2% to 1.5%, with some even introducing introductory waivers​​​​.

Grayscale moves $183m in BTC amid ETF fee competition - 1
Grayscale’s switch historical past to Coinbase addresses | Supply: Arkham

The Bitcoin market itself is present process notable adjustments. After the SEC’s approval of assorted Bitcoin spot ETFs, the worth of Bitcoin reached a peak of roughly $49,000, solely to fall to round $43,500, marking a 5.5% lower inside a single day. This worth volatility might be attributed to a number of elements, together with market response to the brand new ETFs and a possible provide shock ensuing from main transactions like Grayscale.

Beforehand, a number of analysts had additionally instructed that vital fluctuations in Bitcoin’s worth may be anticipated because the market adjusts to those new funding automobiles.

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