Grayscale has transferred $90 million worth of BTC on Coinbase.

Since 2021, Grayscale has been a net negative for Bitcoin and crypto space.

Last cycle, Grayscale premium turning negative caused a lot of institutions to go bankrupt.

This time, Grayscale has been net seller among Bitcoin ETFs.

If not for Grayscale, BTC would have been trading above $130K or even $140K.