A major step has been taken by Grayscale Investments, which deposited 15,222 more Bitcoins (BTC) to Coinbase Prime, worth around $588.5 million.
This most recent transaction is a part of a bigger pattern; since the Bitcoin exchange-traded fund (ETF) was passed, Grayscale has moved 79,213 BTC (or around $3.27 billion) to Coinbase Prime.
According to statistics from Arkham, Grayscale currently has an astounding 535,755 BTC in total assets, or almost $20.68 billion.
More volatility?
Fidelity Executive Director Jurrien Timmer has chimed in during these notable fund changes, forecasting more volatility in the Bitcoin market.
Timmer stated that although the introduction of Bitcoin ETFs is a big step towards the adoption of the cryptocurrency in the public, it also brings more volatility.
The price of Bitcoin plummeted below $39,000 earlier today.
Optimism remains among some analysts
Even with the present volatility in the market, some analysts are still bullish about the future of Bitcoin. Renowned cryptocurrency analyst Mike Novogratz has released optimistic forecasts for Bitcoin by 2024.
In contrast to some market observers’ pessimistic outlook, Novogratz believes that Bitcoin will see a significant increase in value later this year.
He thinks that investors would probably reinvest in other ETFs, especially BTCO, which might raise the price of Bitcoin.
Novogratz emphasised that a wider spectrum of investors, especially baby boomers, may access these ETFs.
