Grayscale's Bitcoin Trust Sees $2B Outflow After Converting to ETF, Impacting Bitcoin Price
• Grayscale's Bitcoin Trust (GBTC) converted to a Bitcoin ETF last week, leading investors to cash out over $2B in 5 days
• Investors exiting GBTC to take gains now that the fund is no longer closed-end
• Grayscale selling Bitcoin in $500M chunks to custodian Coinbase to meet redemption demands
• Outflows from GBTC leading to falling Bitcoin price; inflows to competitor ETFs like BlackRock's
• Grayscale says GBTC successful due to high trading volume, but fees much higher than competition