Grayscale Sells Over 100,000 Bitcoin Since Spot ETF Launch, Intensifying Price Pressure
• Grayscale's Bitcoin Trust (GBTC) moved over 19,000 bitcoin (BTC) to Coinbase Prime on Wednesday, presumably for sale
• Since the spot bitcoin ETFs launched on Jan. 11, Grayscale has moved nearly 113,000 BTC from its wallet, mostly to exchanges
• GBTC held ~537,000 bitcoin as of Wednesday morning, down ~100K BTC since the ETF launch
• Grayscale cut its management fee to 1.50% to compete with spot ETFs, which charge less
• Bitcoin price remains under pressure partially due to pace of GBTC bitcoin sales, recently dipping below $40K