According to CoinDesk, Grayscale, the owner of the Grayscale Bitcoin Trust (GBTC), sent an additional 9,000 bitcoin to an exchange early Tuesday as net selling of the product continues following its conversion to a spot exchange-traded fund (ETF). Data from Arkham Intelligence shows that the coins moved in batches of 1,000 just after 14:30 UTC, when the U.S. stock market opened following the three-day weekend. Grayscale's GBTC has seen net outflows since the U.S. regulatory approval for a spot ETF last week, with investors selling for various reasons, including the elimination of the discount to net asset value and lower fees at competing ETFs.
These outflows resulted in Grayscale selling 2,000 bitcoin last week, a number that has now risen to 11,000, bringing GBTC's holdings to below 610,000 BTC. Bitcoin's price experienced a sudden drop of nearly 2% to below $42,100 following the Grayscale news, but it has since recovered to $43,100 as of press time.
