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Crypto-focused investment firm Grayscale transferred more than $240 million worth of Bitcoin.

Grayscale, one of the world’s largest digital asset managers, moved Bitcoin (BTC) to Coinbase and anonymous wallets again before the US exchanges opened.

According to on-chain analytic platform Arkham Intelligence, Grayscale made a transfer of more than 2,800 BTC worth approximately $240 million.

While 1,471 BTC of the addresses to which Grayscale transferred are registered on Coinbase Prime, the wallets to which approximately 2,336 BTC were sent appear to be anonymous. It is assumed that these wallets belong to Grayscale’s new storage address or Coinbase Prime.

Grayscale’s Bitcoin fund GBTC started trading on January 11 after receiving approval to become a spot Bitcoin ETF. Since then, Grayscale has been moving its Bitcoin to Coinbase in response to the outflows from GBTC.

Bitcoin may continue to decline

The recent increase in outflows from Grayscale wallets over the past few days may indicate that the correction in Bitcoin could continue. $190 million worth of Bitcoin was withdrawn from Grayscale wallets on March 18.

In addition, there is still a lack of demand in general for spot Bitcoin ETFs. Last Thursday and Friday, only $133 million and $198 million in net inflows were observed, respectively. On Monday, there was a massive outflow of $643 million at Grayscale and a total of $154 million was withdrawn. On Tuesday, the largest outflow from spot Bitcoin ETFs to date was $326 million.

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