- As Bitcoin and Ethereum struggled, SEI (SUI) and THORChain (RUNE) had been the largest losers on Thursday.
- The autumn in BTC comes amid continued gross sales from Grayscale, which had deposited greater than $1.7 billion in BTC with Coinbase Prime since January twelfth.
Cryptocurrency markets turned crimson on Thursday afternoon as Bitcoin costs as soon as once more fell under $41,500. Altcoins additionally struggled, with Ethereum falling under $2,500 as the worldwide cryptocurrency market capitalization shrank by about 2.4% to $1.71 trillion.
The largest decliner of the day was Sei (SEI), which fell 15%. Sui (SUI) fell 10%. THORChain (RUNE) is down 13% on the time of writing.
Grayscale dumping of BTC throughout ETF redemption
The crypto downturn comes as Grayscale transferred a further 9,840 BTC value $418 million to Coinbase Prime, bringing the full quantity of BTC transferred from the GBTC ETF issuer to 41,478 BTC. Since January 12, Grayscale has moved a complete of greater than $1.7 billion in BTC to Coinbase Prime, which the corporate offered because it processed redemptions.
On Thursday, Grayscale had a $450 million outflow. Alex Thorne, head of analysis at Galaxy, identified 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 settlement).
That was a notable lower from the day gone by, when 18,000 BTC ($770 million) was moved to Coinbase Prime to settle redemptions on Tuesday.
— Alex Thorne (@intangiblecoins) January 18, 2024
BTC and ETH are each down 3% up to now 24 hours, with Solana falling greater than 5% under $100 and Avalanche buying and selling practically 6% within the crimson at $33.49 among the many prime 10 cryptocurrencies by market cap. .
