The cryptocurrency market has shed nearly $200 billion in market capitalization in the past 24 hours, as some of the industry's biggest companies appear to be trying to unload their coins.
Digital asset management firm Grayscale has transferred approximately $2.5 billion worth of Bitcoin (BTC) to Coinbase for possible sale on the public market, according to cryptocurrency de-anonymization platform Arcam. .
According to Arkham data, Grayscale is sending BTC to Coinbase Prime or Coinbase-related addresses, primarily in batches of $42.84 million.
According to Arkham, Grayscale also has a significant amount of altcoins including Ethereum (ETH), Avalanche (AVAX), Polygon (MATIC), Lido (LDO), Uniswap (UNI), Aave, Chainlink (LINK), etc. It is said that the money has been deposited.
After the U.S. Securities and Exchange Commission (SEC) approved a physical Bitcoin exchange-traded fund (ETF), Grayscale has dozens of Billions of dollars were leaked.
Whale Alert, a whale tracking service, also discovered several large transfers headed to wallets belonging to Coinbase, including the one below.
- 75,887,800 USDC (75,940,921 USD) was transferred from an unknown wallet to Coinbase Institutional
- 25,019 ETH (80,846,406 USD) was transferred from an unknown wallet to Coinbase Institutional
- 24,673 ETH (78,203,107 USD) was transferred from an unknown wallet to Coinbase Institutional
- 7,943 ETH (25,094,463 USD) transferred from unknown wallet to Coinbase
The Grayscale offload and other large-scale whale transfers coincided with a correction in the digital asset market.
According to cryptocurrency data aggregator Coinglass, more than $316.29 million in liquidations have occurred in the past 24 hours, with the majority coming from traders looking to take advantage of longs during Bitcoin's sharp decline.
At the time of writing, Bitcoin is trading at $60,069, down 18.2% from its all-time high.
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Featured image: Shutterstock/INelson
