In fact, it is not what everyone thinks that Grayscale will start selling after the transfer. The normal process is that Grayscale customers need to redeem Bitcoins at market price or limit price, and Grayscale synchronizes the execution of the exchange!

Before the market opens the next day, count how many coins were sold yesterday, and withdraw the coins from the cold wallet and return them to the exchange. Coinbase Prime is a trading platform exclusively for institutions and enterprises. You do not need to have coins before you can sell them. It is probably associated with the cold wallet authorization. Quota.

On the contrary, when the customer wants to buy other ETFs after getting the cash, the institution will simultaneously buy Bitcoins of the same price on the exchange, mention their cold wallet the next day, and return the U required for the purchase to the platform! #BTC #灰度 #ETF

So the number of transfers you see is actually the amount sold yesterday. Grayscale will not lose money no matter what, but if there is a large outflow of customers, its management fees will be greatly reduced. If it cannot bear it, it will reduce the handling fees.