Grayscale’s 4,018.2 BTC Transfer to Coinbase Prime Creates Frenzy

• Grayscale transferred 4,018.2 BTC worth $209 million to Coinbase Prime Deposit on February 16.
• The asset manager moved 821.1 BTC to a new address, which is suspected to be Grayscale’s new custody address.
• In February, Grayscale was involved in a total shift of 6,940.4 BTC, worth $360 million, to Coinbase Prime.

Grayscale’s movement of Bitcoin has been creating ripples in the community over the past few days. As per the blockchain intelligence platform Arkham’s report, Grayscale transferred over 4000 Bitcoins to Coinbase Prime in the most recent move.

Chinese reporter Colin Wu’s Wu Blockchain page on X shared insights on Grayscale’s massive move of 4,018.2 BTC to Coinbase Prime Deposit address. Reportedly, the Bitcoins worth $209 million has been moved on February 16. In addition, Grayscale shifted 821.1 BTC to a new address, suspected to be the asset manger’s new custody address.

February has witnessed a series of Bitcoin transactions, amounting to a total of 6,940.4 BTC, worth $360 million. On February 13, Arkham reported Grayscale’s 878.2 BTC shift to the same address in two significant transactions. The moved Bitcoins were estimated to be valued at $43 million. Also, a total of 1551.8 BTC has been moved to Grayscale’s seemingly new custodial address.

Prior to this move, Grayscale was involved in a similar transaction of 2,044 BTC worth $98 million. While the Bitcoins in question were moved to the same Coinbase Prime address, another 827.8 BTC was moved to the address thought to be the platform’s custodial address.

Grayscale’s strategic BTC shift has stirred the market as it coincided with Bitcoin’s recent upticks. Over the past few days, Bitcoin has been rallying above the significant $50k mark. Currently trading at $51,911, Bitcoin has seen a weekly surge of 9.47% and a monthly surge of 21.09%, despite a modest decline of 0.52% over the last 24 hours.