Grayscale has been selling BTC shares for six consecutive days

Iti9

After the approval of the Bitcoin spot ETF, several ETFs experienced net inflows. However, Grayscale has been conducting sell-offs for six consecutive days, totaling 52,639 BTC, after converting GBTC to a spot ETF. Bitcoin has seen a decline of over 15% from this year's peak, raising concerns in the market. According to Coinglass data, the total assets under management (AUM) of Bitcoin ETFs have reached $29.16 billion. The top three Bitcoin ETFs by AUM are GBTC with $23.537 billion, BITO with $2.279 billion, and IBIT with $1.172 billion.

The analysis team at JPMorgan stated that GBTC investors have been purchasing GBTC at a significant discount over the past year, preparing for its eventual ETF conversion and profiting after the conversion approval. During 2023, approximately $3 billion was invested in GBTC in the secondary market. (At the time of the statement, only $1.5 billion had flowed out of GBTC, with analysts expecting an additional outflow of $1.5 billion in the future.) If GBTC loses its liquidity advantage, it may see further capital outflows, potentially triggering an additional outflow of $5 billion to $10 billion.

Indra55

Is Grayscale also involved in Bitcoin now?

Jiten171

The amount sold is quite substantial.

Jatin255

Individual actions are determined by one's assessment of the market.

Jiger955

There is also a significant trading volume.