I just saw the data from Arkham monitoring, Grayscale's Bitcoin ETF GBTC has transferred 684.104 BTC to the Coinbase Prime Deposit address again. Based on the current price, that's about 49 million dollars.

To be honest, Grayscale's recent operations of moving coins to exchanges have been quite frequent. Every time there is a large transfer, the market tends to shake a bit. After all, so many BTC moving to Coinbase might either be for OTC trading or could indicate a potential market sell-off, which will have some effect on short-term prices.

However, the amount transferred this time isn't particularly outrageous; 49 million dollars is just a small ripple in the Bitcoin market and shouldn't directly create a big hole. But the issue is that Grayscale has been continuously reducing its holdings in recent months. Since the transition from trust to ETF, the outflow of funds has not stopped, which has raised some concerns about selling pressure in the market.

Now it depends on whether other ETF institutions (like BlackRock and Fidelity) can continue to absorb these chips. If buying support doesn't keep up, short-term prices may still face pressure. Do you think this transfer will affect BTC's short-term trend?