Bitcoin Price is dumping as people are dumping their GBTC shares.

GBTC held $25bn+ worth of Bitcoin that has been locked up for years with no option to be sold. As soon as the redemption option opened, for the first time people are starting to exit - as they exit the Bitcoin must be sold on the market. Now they are taking a discount again!

$25bn is a serious number and even if just 20% are redeemed, that is $5bn in sales on the market.

The issue is that I doubt that the ETF providers have this much demand as quickly.

We could see some selling pressure for a while but luckily the market is not selling off - its mainly Bitcoin and not the Alts!