[Arkham said Grayscale’s Bitcoin holdings will be depleted in 96 days]
Recently, Arkham Intelligence revealed asset management giant Grayscale’s shocking Bitcoin transfer operations since the launch of its Bitcoin ETF on January 11. Since that date, Grayscale has transferred a total of 266,470 BTC from its wallet in response to GBTC redemptions.
Arkham Intelligence predicts that at the current redemption rate, GBTC’s Bitcoin reserves will be exhausted in 96 days, with a weekly transfer rate of 25,900 Bitcoins.
Grayscale CEO Michale Sonnenshein recently expressed that GBTC’s management fees will decline as the market matures. “As the market matures and funds grow, management fees are expected to decrease, and we expect GBTC to follow this trend.” He added.
Meanwhile, Bitcoin is still trading well below its all-time high of $73,700. The current price is $64,367, with a slight increase of 0.47% in 24 hours, an increase of 2.15% in the past week, and a gain of 26.16% recorded in the past month.
