SEI, SUI, RUNE fell when Bitcoin fell between grayscale bins

Sei (SEI) Sui (SUI) and THORChain (RUNE) were among the biggest losers on Thursday as Bitcoin and Ethereum struggled.
The BTC drop comes as a sell-off continues from Greyscale, which has deposited more than $1.7 billion in BTC to Coinbase Prime since January 12.

The crypto market turned red on Thursday afternoon as the price of Bitcoin fell below $41,500. The global crypto market cap fell 2.4% to $1.71 trillion, with Ethereum struggling below $2,500.

Among the day's biggest losers were Sei (SEI), down 15%; Sui (SUI) decreased by 10%; And THORChain (RUNE), down 13% at the time of writing.

Throwing gray balance BTC between ETF redemptions

The crypto decline came as Grayscale transferred another 9,840 BTC worth $418 million to Coinbase Prime, bringing the total amount of BTC from the GBTC ETF issuer to 41,478 BTC. In total, Grayscale has moved more than $1.7 billion in BTC to Coinbase Prime since January 12, which will be sold as the company handles redemptions.

On Thursday, Grayscale saw $450 million in outflows. Alex Thorne, Galaxy's head of research, noted his take on X.

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

Notably, 18k BTC ($770m) were transferred to coinbase prime to settle Tuesday's redemptions, less than the day before.

— Alex Thorne (@intangiblecoins) January 18, 2024

BTC and ETH were both trading down 3% in the last 24 hours, with the top 10 cryptocurrencies trading at $33.49, Solana down more than 5%, falling below $100, and Avalanche in the red, up nearly 6% at $33.49. .