Grayscale, owner of the Grayscale Bitcoin Trust (GBTC), sent an additional 9,000 bitcoins to the exchange early Tuesday as it continues to net sell the product after converting it into an exchange-traded fund (ETF).
according to Data from Arkham Intelligencethe coins moved in batches of 1,000 after 14:30 UTC (when the US stock market opened after the three-day weekend).
Following US regulators’ approval of an exchange-traded fund last week, Grayscale’s GBTC saw net outflows as investors sold for any number of reasons. Judiciary From the discount on net asset value and lower fees in ETFs competing with each other.
The outflow led Grayscale to sell 2,000 BTC last week, a number that has now risen to 11,000 and taken GBTC holdings below 610,000 BTC.
Bitcoin (BTC) saw a sudden drop of nearly 2% to below $42,100 on the grayscale news, but the price quickly recovered to $43,100 as of press time.