maartunn
Data Reveals: Grayscale's BTC Sold on Coinbase
Data doesn't lie, as seen once again. CryptoQuant CEO, Ki Young Ju, has shared a chart about the outflow of Bitcoin from the Grayscale Fund. This fund has recently been transformed into an ETF, allowing the outflow of Bitcoin. The outflow of Bitcoin was, among other places, to Coinbase. Shortly after this event, the Coinbase Premium Gap, which had been positive since the beginning of the year, turned negative for the first time. This indicates strong selling pressure from Coinbase, logical after the inflow of Bitcoin from Grayscale onto the exchange. Lastly, it's important to note that trading volume on Coinbase has been significantly higher in the past few days, especially during the trading hours of the American stock market, compared to before. The market is closed this weekend, but if there is high volume and a negative Coinbase premium gap again on Monday, it bodes ill for the price of Bitcoin.