Major Bitcoin (BTC) investor Grayscale Investments saw its ETF holdings decline by 50% ahead of the expected Bitcoin halving event. 📉

Assets in the Grayscale Bitcoin Trust ETF (GBTC) fell by half from 619,220 BTC on the first day of trading on January 11 to 309,871 BTC on the 66th day of trading on April 16.

This GBTC decline comes two days before the expected Bitcoin halving, which will reduce mining rewards by 50% from 6.25 BTC to 3.125 BTC.

GBTC has been experiencing a massive sell-off since the first day of trading, which is significantly affecting the price of Bitcoin. The outflows are mainly due to high trading fees, as GBTC had the highest fees among the 10 Bitcoin ETFs in the US at 1.5% in early trading.