Grayscale has transferred over 100,000 BTC to exchanges since January 11th

According to data compiled by Arkham, Grayscale has moved nearly 113,000 BTC from its wallet since the listing of the spot Bitcoin ETF on January 11th, with the majority of it being transferred to Coinbase Prime for potential selling. As of early morning on January 25th, according to the Grayscale website, GBTC holds approximately 537,000 BTC, indicating a decrease of around 100,000 BTC since January 11th. Arkham notes that not all of these transfers may be related to redemptions, stating, "Outflows tend to be distributed between Coinbase Prime and new GBTC custody addresses, which suggests that not all transferred BTC is being redeemed, and the outflows appear to be the settlement of trading activities from the past few days."