Grayscale Moves Another 9K Bitcoin to Exchange in Preparation for Sale
Summary
Grayscale, the owner of the Grayscale Bitcoin Trust (GBTC), transferred an additional 9,000 bitcoin to an exchange due to continued net selling of the product after its conversion to a spot exchange-traded fund (ETF). This follows the U.S. regulatory approval for a spot ETF last week. The selling is attributed to various factors, including the elimination of the discount to net asset value and lower fees at competing ETFs. The outflows led Grayscale to sell 2,000 bitcoin last week, a figure that has now increased to 11,000, reducing GBTC's holdings to below 610,000 BTC. The news caused a brief drop in Bitcoin's price to below $42,100, but it quickly recovered to $43,100.
