Grayscale Bitcoin Trust transferred approximately 4,000 BTC worth $183 million to Coinbase Prime deposit addresses.
This has been revealed in the latest data from Arkham Intelligence. Grayscale’s Spot Bitcoin ETF, known for its relatively high fee structure of 1.5%, may be seeing a shift as investors explore their options in response to the SEC’s recent approval of several spot Bitcoin ETFs .
Other ETFs managed by companies such as BlackRock, VanEck, ARK 21Shares and Bitwise offer more competitive fees, ranging from as low as 0.2% to 1.5%, and some even introduce initial exemptions.
The Bitcoin market itself is undergoing notable changes. After the SEC approved various Bitcoin spot ETFs, the price of Bitcoin peaked around $49,000 and then fell to around $43,500, down 5.5% in one day. This price volatility could be due to a number of factors, including market reaction to new ETFs and potential supply shocks from major transactions such as Grayscale.
Several analysts have previously suggested that significant fluctuations in the value of Bitcoin can be expected as the market adapts to these new investment vehicles.