Half of GBTC's Bitcoin holdings have been sold.
They currently hold 331k Bitcoin at the time of this post.
Looking at some snapshots I took of their BTC balances, we see that balances have been around 200k to 300k over the 2019 market, with inflows drastically increasing during the 2021 bull market.
It makes sense that the participants who entered of the bull market would exit post ETF, as they are momentum / active participants. However I expect the Bitcoin accumulated around 2019 to be less active. Therefore I expect outflows to slow down significantly now that balances are in that region.
They currently hold 331k Bitcoin at the time of this post.
Looking at some snapshots I took of their BTC balances, we see that balances have been around 200k to 300k over the 2019 market, with inflows drastically increasing during the 2021 bull market.
It makes sense that the participants who entered of the bull market would exit post ETF, as they are momentum / active participants. However I expect the Bitcoin accumulated around 2019 to be less active. Therefore I expect outflows to slow down significantly now that balances are in that region.