Grayscale, the owner of the Grayscale Bitcoin Trust (GBTC), sent an additional 9,000 bitcoin to an exchange early Tuesday as net selling of the product continues following its conversion to a spot exchange-traded fund (ETF).
According to data from Arkham Intelligence, the coins moved in batches of 1,000 just after 14:30 UTC (when the U.S. stock market opened following the three-day weekend).
Following U.S. regulatory approval for a spot ETF last week, Grayscale’s GBTC has seen net outflows as investors sold for any number of reasons, the elimination of the discount to net asset value and lower fees at competing ETFs among them.
The outflows resulted in Grayscale selling 2,000 bitcoin last week, a number that for now has risen to 11,000 and taken GBTC’s holdings to below 610,000 BTC.
Bitcoin [BTC] saw a sudden drop of nearly 2% to below $42,100 on the Grayscale news, but the price has quickly recovered to $43,100 as of press time.