News Summary

• All $BTC sold by @Grayscale so far has been scooped up by the other (lower-fee) ETFs pic.twitter.com/1H3S5FFbnUThe recent outflows are attributed to the defunct crypto exchange FTX, which reportedly sold two-thirds of 22.3 million shares in GBTC over three days of trading..
• FTX is understood to still have around eight million shares worth roughly $281 million yet to be sold..
• Since its successful conversion to a spot Bitcoin exchange-traded fund (ETF) on Jan. 11, GBTC has posted over $3.4 billion in outflows, with Grayscale subsequently depositing billions in Bitcoin to crypto exchange Coinbase Prime — likely for sale..
• According to Bloomberg ETF analyst Eric Balchunas, GBTC recorded outflows of $515 million on Jan. 23 and has now bled 13% of its shares outstanding..
• Grayscale’s website shows there are currently 600.5 million shares outstanding, with a total of 536,694.9 Bitcoin in trust..
• The accounts are set to be used to repay Bitcoin and Bitcoin Cash (BCH), potentially adding more pressure to the price of Bitcoin.Bitcoin is currently trading at $39,949, up 0.60% on the day, according to data from CoinMarketCap..