Always speculate with a rigorous investment attitude, which is the way to survive in this market

Why did Grayscale sell off BTC?

1. Grayscale does not have the right to sell BTC. As a custody institution, the 600,000 BTC held by Grayscale correspond to gbtc and are assets belonging to users.

2. The reason why Grayscale sold btc is that gbtc was sold.

Grayscale users sell gbtc --> Grayscale simultaneously sells btc -- and cash out the USD sold to the user.

Summary: So the reason why Grayscale has been selling btc is that gbtc was sold off

Why was gbtc sold off after etf passed?

1. Grayscale GBTC charges 1.5%, while newly opened ETF rates are generally 0.3%-0.4%. For users, the cost of Grayscale is 3-4 times higher for holding BTC. Therefore, many users will sell gbtc and replace it with other btc etfs (such as BlackRock's IBIT)

There is a delay in this process (T+1)

The user sells GBTC - Grayscale is forced to sell BTC to the user for cash - the user gets USD to buy BlackRock's ETF - BlackRock takes USD to buy BTC