Did the Massive Coinbase Outflow of 14,000 Bitcoin Belong to Guggenheim Partners?

Coinbase, one of the largest crypto exchanges based out of the US registered a massive outflow of bitcoin the day before yesterday amounting to 14,000 BTC and nearly worth half a billion-dollar to cold storage. The massive outflow for sure attracted a lot of attention especially at a time when the price of BTC seems stuck under $35,000 for nearly three weeks.

? ? ? ? ? ? ? ? ? ? 14,892 #BTC (483,449,307 USD) transferred from #Coinbase to unknown wallet

Tx: https://t.co/E9hP4YoZJ3

— Whale Alert (@whale_alert) January 31, 2021

Many believe that the massive amount of Bitcoin belonged to Guggenheim Partners who recently filed with the SEC to BUY Bitcoin via Grayscale’s GBTC trust fund. In their filing, they mentioned that they intend to buy $500 million worth of bitcoin, the exact amount of Bitcoin transferred from Coinbase.

Also, most of the whale outflow from Coinbase are sent to OTC wallets that also adds to the story as the cold storage to which the BTC was sent could belong to Guggenheim Partners as the crypto exchange Coinbase also offers custodial service for OTC traders and institutional clients that include the largest crypto trust fund manager Grayscale.

I looked in to the 14K $BTC transaction from earlier

Split over 8 nicely mixed wallets, with some outputs going to a bunch of other non related wallets

~14466 $BTC which is approximately $500 million pic.twitter.com/pXVUZdvRxv

— //Bitcoin ?ack ? (@BTC_JackSparrow) February 1, 2021

Guggenheim Accused of Spreading FUD

Guggenheim filed for buying GBTC trust back in November when the price of bitcoin had just started to rise and was trading at $17,000, however, the CEO of the asset management firm Scott Minerd seemed a little bearish towards the top cryptocurrency when the price soared above $38k as he predicted the price would fall below $20k in the short term.

Nov 27: $17K BTC
Guggenheim files to put $500m in GBTC Trust

Dec 16: $19.4K BTC
Guggenheim CIO, Scott Minerd: “#Bitcoin should be worth about $400K”

Jan 11: $38.4K BTC
Minerd says BTC will plummet $20K

Jan 31: $34.2K BTC
Guggenheim’s is finally able to buy $500m of BTC

— Bloqport (@Bloqport) February 1, 2021

Many accused the Guggenheim group of spreading FUD to bring the prices down so that they could buy it at a cheaper price for their trust fund as the effective date of buying was set for January 31st.

Remember Guggenheim wants you to sell #bitcoin so they may buy lower. Been trying to scare the market into thinking price will crash to $20,000, even though they think its worth $400,000. https://t.co/B4woO5ULcW

— Alex Krüger (@krugermacro) February 1, 2021

While there is no official confirmation as of now but joining the dots, it seems most likely that the outflow belonged to the Guggenheim Partners and it seems they bought bitcoin at an entry price of $32.4k.