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Home»TRADING NEWS»SEI, SUI, and RUNE fell as Bitcoin fell due to the Grayscale dump.
TRADING NEWS

SEI, SUI, and RUNE fell as Bitcoin fell due to the Grayscale dump.

By Crypto FlexsJanuary 19, 20242 Mins Read
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SEI, SUI, and RUNE fell as Bitcoin fell due to the Grayscale dump.
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  • Sei (SEI) Sui (SUI) and THORChain (RUNE) saw the biggest declines on Thursday as Bitcoin and Ethereum struggled.
  • BTC’s decline comes amid an ongoing selloff from Grayscale, which has deposited more than $1.7 billion in BTC on Coinbase Prime since January 12th.

Cryptocurrency markets were in the red on Thursday afternoon as the price of Bitcoin fell back below $41,500. Altcoins are also struggling, with the global cryptocurrency market cap falling about 2.4% to $1.71 trillion, with Ethereum falling below $2,500.

The biggest decliner on the day was Sei (SEI), down 15%. Sui (SUI) fell 10%. THORChain (RUNE) is down 13% at the time of writing.

Grayscale BTC dumping during ETF redemption

The cryptocurrency decline came as Grayscale transferred 9,840 BTC worth $418 million to Coinbase Prime, bringing the total amount of BTC transferred from the GBTC ETF issuer to 41,478 BTC. Grayscale has transferred a total of more than $1.7 billion in BTC to Coinbase Prime since January 12 and sold it while the company processed redemptions.

On Thursday, Grayscale recorded an outflow of $450 million. Alex Thorn, head of research at Galaxy, commented on this outlook for X:

Grayscale transferred 9,839 BTC ($417 million) on-chain to Coinbase Prime this morning to settle yesterday’s redemption (T+1 payment).

That’s significantly less than the day before, when 18,000 BTC ($770 million) was transferred to Coinbase Prime for redemption on Tuesday.

— Alex Thorne (@intangiblecoins) January 18, 2024

Both BTC and ETH are down 3% in the last 24 hours. Among the top 10 cryptocurrencies by market capitalization, Solana was down more than 5% as it fell below $100, while Avalanche was trading almost 6% in the red at $33.49. .


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