Is Grayscale dumping billions of dollars worth of Bitcoin? Blame it on the ETFs.

Bitcoin has taken a hard hit this week, falling by over 14%, despite the historic approval of spot crypto exchange-traded funds (ETFs) just over seven days ago. And it appears that Grayscale, the digital asset manager owned by crypto behemoth Digital Currency Group, may have a lot to do with that.

Investors in Grayscale’s Bitcoin Trust (GBTC), recently converted to a Bitcoin ETF following SEC approval, have been exiting their positions in droves, and it has analysts shocked at the size of the sell-off.

Grayscale’s Bitcoin ETF started trading last week, along with 10 other similar products. Prior, the Trust had been a closed-end fund where investors could not redeem their shares for BTC. But now that it’s an ETF, investors are cashing out—big time. 

Over half a billion dollars was cashed out in the first few days. In the last five days, more than $2.2 billion has left the fund, according to Bloomberg data.

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Author: Mathew Di Salvo

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