OXT researchers verify the amount of BTC held by Grayscale's Bitcoin Trust via on-chain analysis

While Grayscale is reportedly undisclosed, OXT researcher Ergo explained that steps have been taken to identify possible GBTC addresses and balances based on public information and blockchain forensics. Among them, it was found that 432 addresses holding 317,705 BTC may be GBTC custody addresses. Additionally, in this analysis, additional onchain forensics was used to confirm the approximately 633K BTC balance held by GBTC in Coinbase custody. Ergo concluded that after discovering that the top 50% of bitcoins were associated with Grayscale’s BTC, the team scanned the blockchain for other addresses that matched those found in Part 1.