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

Sei (SEI) Sui (SUI) and THORChain (RUNE) were among biggest decliners on Thursday as Bitcoin and Ethereum struggled.
Declines for BTC came 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 red on Thursday afternoon as Bitcoin price fell below $41,500 again. Altcoins were also struggling, with Ethereum below $2,500 as the global crypto market cap shrunk by about 2.4% to $1.71 trillion.

Among the biggest losers on the day were Sei (SEI), down 15%; Sui (SUI) down 10%; and THORChain (RUNE), down 13% at the time of writing.

Grayscale dumping BTC amid ETF redemptions

The crypto downturn came as Grayscale transferred another 9,840 BTC worth $418 million to Coinbase Prime, with the total amount of BTC moved from the GBTC ETF issuer reaching 41,478 BTC. In total, Grayscale has moved over $1.7 billion in BTC to Coinbase Prime since January 12, with these sold as the company handles redemptions.

On Thursday, Grayscale saw $450 million in outflows. Alex Thorn, head of research at Galaxy noted 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 less than the day before when they moved 18k BTC ($770m) to coinbase prime to settle tuesday’s redemptions

— Alex Thorn (@intangiblecoins) January 18, 2024

Both BTC and ETH were trading 3% down in the past 24 hours, while in the top 10 cryptocurrencies by market cap, Solana had shed more than 5% as it dipped below $100, while Avalanche was trading nearly 6% in the red at $33.49.