Grayscale has sold 52,639 BTC after converting GBTC to spot ETF

On January 20th, Grayscale's official holdings data and CC15Capital's statistics showed that the official holdings data of GBTC before it was converted to a Bitcoin spot ETF was 619,162, and its current holdings data is 566,973, which means that Grayscale has sold 52,639 BTC, equivalent to approximately 2.8 billion USD, after GBTC was converted to a spot ETF. The daily outflow of funds in USD is:

· Day 1 - 95.1 million USD

· Day 2 - 484 million USD

· Day 3 - 594 million USD

· Day 4 - 460 million USD

· Day 5 - 582 million USD

· Day 6 - 590 million USD

Currently, the negative premium of GBTC has further narrowed to within 0.3%, recording 0.296%.

According to Coindesk, a team of analysts led by Morgan Stanley's analyst, Nikolaos Panigirtzoglou, stated that GBTC investors have been buying GBTC at a significant discount over the past year in preparation for its eventual ETF conversion and have been taking profits after the conversion was approved. The funds invested in GBTC on the secondary market during the period from 2020 to 2023 were approximately 3 billion USD. (At the time of publication, only 1.5 billion USD had flowed out of GBTC, and the analyst predicted an additional 1.5 billion USD would flow out in the future.) If GBTC loses its liquidity advantage, it may withdraw more capital, resulting in an additional outflow of funds of 5 to 10 billion USD.