Grayscale's GBTC Transfers Over 100K BTC Amid Bitcoin ETF Battle
Grayscale's Bitcoin Trust (GBTC) has moved over 100,000 BTC to exchanges since the launch of spot bitcoin ETFs, with the majority going to Coinbase Prime for potential sale. The outflows may not all be related to redemption, as some could be settlements of trading activity. Grayscale's management fee cut and AUM decline have contributed to the massive outflow, putting pressure on bitcoin's price, which recently dropped below $40,000. Despite hopes of a slowdown in GBTC exits after FTX's sale, the movement of 19,000 BTC to exchanges indicates ongoing selling pressure.