SEI, SUI, RUNE droop as Bitcoin drops amid Grayscale dump

• Sei (SEI) Sui (SUI) and THORChain (RUNE) have been amongst greatest decliners on Thursday as Bitcoin and Ethereum struggled.
• Declines for BTC got here amid ongoing sell-off from Grayscale, which had deposited over $1.7 billion in BTC to Coinbase Prime since January 12.

The crypto market flipped crimson on Thursday afternoon as Bitcoin value fell beneath $41,500 once more. Altcoins have been additionally struggling, with Ethereum beneath $2,500 as the worldwide crypto market cap shrunk by about 2.4% to $1.71 trillion.

Among the many greatest losers on the day have been Sei (SEI), down 15%; Sui (SUI) down 10%; and THORChain (RUNE), down 13% on the time of writing.

Grayscale dumping BTC amid ETF redemptions

The crypto downturn got here as Grayscale transferred one other 9,840 BTC price $418 million to Coinbase Prime, with the overall quantity of BTC moved from the GBTC ETF issuer reaching 41,478 BTC. In complete, Grayscale has moved over $1.7 billion in BTC to Coinbase Prime since January 12, with these offered as the corporate handles redemptions.

On Thursday, Grayscale noticed $450 million in outflows. Alex Thorn, head of analysis at Galaxy famous this outlook on X.

grayscale transferred 9,839 BTC ($417m) onchain to coinbase prime this morning to settle yesterday’s redemptions (T+1 settlement).

notably lower than the day earlier than once they moved 18k BTC ($770m) to coinbase prime to settle tuesday’s redemptions

— Alex Thorn (@intangiblecoins) January 18, 2024

Each BTC and ETH have been buying and selling 3% down previously 24 hours, whereas within the high 10 cryptocurrencies by market cap, Solana had shed greater than 5% because it dipped beneath $100, whereas Avalanche was buying and selling practically 6% within the crimson at $33.49.