- Sei (SEI) Sui (SUI) and THORChain (RUNE) were among the biggest decliners on Thursday while Bitcoin and Ethereum struggled.
- The BTC drop came amid continued selling by Grayscale, which had deposited over $1.7 billion in BTC on Coinbase Prime as of January 12.
The cryptocurrency market turned red Thursday afternoon as the price of Bitcoin fell below $41,500 again. Altcoins also struggled, with Ethereum below $2,500 as the global cryptocurrency market capitalization shrank by around 2.4% to $1.71 trillion.
Among the day’s biggest losers were Sei (SEI), down 15%; Sui (SUI) down 10%; and THORChain (RUNE), down 13% at the time of writing.
Grayscale dumping BTC among ETF redemptions
The cryptocurrency decline came as Grayscale moved another 9,840 BTC worth $418 million to Coinbase Prime, with the total amount of BTC moved by the GBTC ETF issuer reaching 41,478 BTC. In total, Grayscale has moved over $1.7 billion in BTC to Coinbase Prime since January 12, selling it while the company handles refunds.
On Thursday, Grayscale reported outflows of $450 million. Alex Thorn, head of research at Galaxy, noted this perspective on X.
Grayscale transferred 9,839 BTC ($417 million) onchain to Coinbase Prime this morning to settle yesterday’s refunds (T+1 settlement).
significantly less than the day before, when they transferred 18,000 BTC ($770 million) to Coinbase Prime to settle Tuesday’s refunds
— Alex Thorn (@intangiblecoins) January 18, 2024
Both BTC and ETH have traded down 3% in the last 24 hours, while among the top 10 cryptocurrencies by market capitalization, Solana has lost more than 5% to fall below $100, while Avalanche has traded in the red by almost 6% to $33.49. .