GBTC Sells $1B in Bitcoin Amid Pressure from New Spot ETFs
• FTX bankruptcy estate sold entire 22M share GBTC holding for nearly $1B, accounting for over 1/3 of recent GBTC bitcoin selling
• GBTC has sold off over 50K bitcoin since Jan 11 debut of US spot BTC ETFs
• New spot ETFs have gathered 94K bitcoin & $3.9B AUM, more than previously thought due to $1B FTX GBTC sale
• Bitcoin price still under pressure from sellers, down 2.8% over past 24 hrs to $40,400 as of Monday afternoon
• Over 50K bitcoin may have moved from GBTC to new lower-cost spot ETFs since mid-January