Early Tuesday, an additional 9,000 bitcoins changed hands as Grayscale, the entity behind the Grayscale Bitcoin Trust (GBTC), transferred them to exchange platforms amid ongoing net sell-offs triggered by its shift to a spot exchange-traded fund (ETF).
Just past 14:30 UTC, right when U.S. equities re-opened after a long weekend, Arkham Intelligence recorded these coins moving in increments of 1,000, signaling a coordinated offloading spree.
What’s Driving the Sell-Off?
Last week’s green light from U.S. regulators for a spot ETF has fueled net withdrawals from GBTC, as investors exit for various motives. Among these, the scrapping of the GBTC discount to its net asset value and the allure of cheaper fees at rival ETFs stand out as chief catalysts.
As a direct consequence, Grayscale unloaded 2,000 bitcoins last week alone. This figure has now ballooned to a hefty 11,000 coins, shrinking GBTC’s total stash to under 610,000 BTC.
Bitcoin Price Reaction
The news sparked a sharp, brief dip in Bitcoin’s price, plunging close to 2% below $42,100; however, the cryptocurrency bounced back robustly, climbing back above $43,100 at the time of reporting.
Key Figures at a Glance
| Bitcoins moved today | 9,000 BTC (in 1,000 BTC batches) |
| Bitcoin sold last week | 2,000 BTC |
| Total bitcoin sold to date | 11,000 BTC |
| Remaining GBTC holdings | Below 610,000 BTC |
| Price dip | Almost 2% below $42,100 |
| Price recovery | Recovered to $43,100 |
