GameStop moved over 2,300 BTC to Coinbase Prime this January. Here’s how these transfers could affect the market as a whole.
GameStop, the famous gaming retailer, is back in the news. Recent data shows that the company moved a massive amount of digital currency to a major exchange.
This news has many investors asking if the GameStop Bitcoin strategy is changing. These moves also come at a time when the market is already feeling shaky.
GameStop Transfers Bitcoin to Coinbase Prime
Recent on-chain data shows that GameStop sent a total of 2,396 BTC to Coinbase Prime this January.
The first transfer happened on January 17, when the company moved 100 BTC. Just three days later, a much larger stash of 2,296 BTC followed.
These transfers stand as roughly 51% of the company’s original stash.
Notably, GameStop first entered the crypto space mid-last year, and during a short window in May, they purchased 4,710 BTC.
At the time, this made them the 22nd-largest public corporate holder of the digital asset.
They even spent about $513 million to build this reserve and if GameStop sells now, it could be to lock in funds or limit losses.
Why the GameStop Move Matters Now
The timing of these transfers is very interesting for the market. Bitcoin recently fell below the $90,000 mark within a single weekend.
This sell-off was partly caused by heavy selling in derivatives markets and more than $500 million in long positions were wiped out in just one hour.
External factors are also part of the current market’s behaviour. President Donald Trump recently announced new tariffs on European countries.
These taxes have created tension between the US and Europe, and will start at 10% on February 1. They could also rise to 25% by June as speculators weigh whether another war is likely.
Notably, during times of trouble, some people turn to gold, and this is likely what caused gold prices to hit new highs near $4,750.
In contrast, the GameStop Bitcoin assets are currently facing a lot of pressure. While some see crypto as a safe-haven, others are moving back to precious metals.
Related Reading: Is BlackRock Exiting Bitcoin? Massive BTC Moves Spark Crypto Market Panic
Comparing GameStop to Others
While GameStop seems to be moving away from its holdings, other companies are doubling down.
Strategy continues to be the largest corporate holder, after buying another 22,305 BTC for about $2.13 billion this week.
Their total stash now sits at 709,715 BTC, which is more than 3% of the entire supply.
In all, the US Supreme Court is currently looking at the authority of Trump to issue tariffs.
If Trump loses, the result could lead to $100 billion in refunds. This would create a huge amount of financial uncertainty for Bitcoin and non-Bitcoin treasury companies.
There is no statement yet from GameStop and without an explanation from leadership, the market will continue to guess.
Investors are watching the $90,000 price level because if the market stays below this point, more companies might decide to sell.
For now, the world is waiting to see what happens next, and whether GameStop will acknowledge a sale.
Source: https://www.livebitcoinnews.com/gamestop-moves-2300-btc-what-this-means-for-bitcoin/
