On-chain data from CryptoQuant shows GameStop has deposited its entire Bitcoin stack into Coinbase Prime, a potential sign of selling.
GameStop Has Transferred 4,710 BTC To Coinbase PrimeIt’s also visible in the graph that the company has cleared out all of its wallets recently, with its total holdings dropping to zero. GameStop has made these moves as the asset has gone through a bearish turn since October.
As this other chart showcases, the firm’s reserve was trading a notable amount below its investment value before the outflows occurred.
According to CryptoQuant, the transfer of GameStop’s holdings to Coinbase Prime could be a sign that the retailer is preparing to sell, a move that would lock in losses of around $76 million at current prices.
Back in 2021, GameStop was the highlight of a “meme stock” frenzy, in which its share price saw a 1,500% spike alongside a short squeeze over the course of two weeks.
If the latest Bitcoin transactions represent sales, then it would mean that GameStop’s BTC treasury initiative has met a similar end as its NFT venture.
BTC PriceBitcoin has returned to the $89,100 mark following this week’s pullback.
