The asset shift coincided with a sudden BTC market sentiment shift as BTC price fell from above $61,200 to around $60,600.
Rationale behind the Move
Known for its Grayscale Bitcoin Trust (GBTC) investment product, Grayscale’s move to shift over 4000 BTC to Coinbase follows the steady fall in BTC price today. Reaching as high as $64,600 earlier today, BTC is down roughly $4000 per token — down 2.5% on the day.
Grayscale recently witnessed a dip in its spot Bitcoin ETF dominance, falling to 37% on April 29. Fighting for dominance amongst ten Bitcoin ETFs, the fall suggests competitors in the market are attracting investors away from GBTC.