- 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. .