Coinbase, one of the largest US-based crypto exchanges, posted a massive outflow of 14,000 BTC and almost half a billion dollars worth of bitcoin into the cold wallet the previous day. Especially at a time when the price of BTC remained below $ 35,000 for nearly three weeks, the big break has definitely attracted a lot of attention.



Many believe that the huge amount of Bitcoin belongs to Guggenheim Partners, who recently applied to the SEC to buy Bitcoins through Grayscale’s GBTC Trust fund. In their files, they stated that they wanted to buy $ 500 million worth of bitcoins, which is the exact amount of Bitcoin transferred from Coinbase.

Also, most of the whale exit from Coinbase is sent to OTC wallets, which may belong to the cold wallet Guggenheim Partners from which the BTC was sent, as the crypto exchange Coinbase offers custody services for OTC traders and institutional customers. This includes Grayscale, the largest crypto Trust fund manager.

Guggenheim FUD accused of spreading

Guggenheim applied to buy the GBTC fund in November, when the price of bitcoin was just beginning to rise and started trading at $ 17,000, but the CEO of asset management firm Scott Minerd is towards top cryptocurrency when the price rises above $ 38K. it dropped slightly and claimed the price would drop below $ 20,000 in the short term.

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Many accused the Guggenheim group of spreading the FUD to lower prices so that they could purchase at a cheaper price for Trust funds, as the effective date of the purchase was set for January 31.

Although not official confirmation is currently merging the pieces, the release seems likely to belong to Guggenheim Partners and they apparently bought Bitcoin at an entry price of $ 32.4k.


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