The Grayscale Bitcoin Trust (GBTC) transferred 894 Bitcoin, worth $41 million, to a Coinbase Prime deposit wallet on Jan. 12, following the Trust’s decision to allow authorized participants to redeem Bitcoin. This move, along with an additional $119 million sent to unknown wallets, sparked speculation on social media that these redemptions were causing a downturn in Bitcoin’s price.Despite these outflows representing a small percentage of Grayscale’s total assets, which Arkham Intelligence data estimates at $27 billion, some users theorized that the price drop was due to GBTC share redemptions. However, Grayscale has not confirmed its wallet addresses, leaving the actual outflow amount uncertain.
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