6 billion dollars worth of Bitcoin has left Grayscale's GBTC after 22 days

According to the data, Grayscale's Bitcoin Trust (GBTC) recently released another batch of BTC worth $184.19 million. The holdings of GBTC have decreased from 482,592 Bitcoins to the current level of 478,337 Bitcoins in just one day, representing a reduction of 4,254 coins. Since January 12, 2024, GBTC has sold a total of 138,742 BTC, valued at slightly over $6 billion.

In the last 22 days, Grayscale's Bitcoin Trust (GBTC) has experienced a significant reduction of more than 22% in its Bitcoin buffer.

During this period, 138,742 BTC were notably reduced. If this amount were evenly distributed over the entire duration, it would average around 6,308 BTC per day. It is worth noting that GBTC operates as a Bitcoin ETF that settles in-kind, and it has only been trading publicly for 15 days since its initiation on January 11, 2024.

Grayscale's fund dominated the trading volume in 14 out of the 15 trading sessions since transitioning to a publicly traded ETF. On the day after its first trading session on January 12, 2024, GBTC held 617,079 BTC. Since then, the holdings have decreased by 22.48%. Onchain data provided by Arkham Intelligence indicates a substantial outflow of funds, with GBTC transfer amounts consistently staying below the 1,000 BTC mark for each transaction.

At the beginning of September 2023, Arkham revealed that the holdings of GBTC were distributed across more than 1,750 separate addresses, each holding no more than 1,000 BTC. Grayscale had held these coins for an extended period, with addresses like "1D2Z8" initiating transactions, sending 868.77 BTC to Coinbase Prime and established on January 12, 2021. Notably, some GBTC addresses underwent balance changes two months ago, such as "1BMYG" created on November 30, 2023, executing a transfer of 899.99 BTC just yesterday.

Furthermore, long-standing coins found in a wallet established on December 22, 2020, and inactive for a considerable time, have recently become active again. What is their purpose? Moving to a wallet created just two days ago, all seem to be preparing for their final journey to Coinbase. The conversion timeline from Grayscale's Bitcoin Trust is still uncertain, primarily due to the two-year trading period under Net Asset Value (NAV).

The prolonged discount trading period has created opportunities for traders familiar with potential arbitrage opportunities, seeking to profit from the price differential between the stock price and the value of BTC. This situation implies that buybacks may continue as long as favorable arbitrage opportunities persist, driven by ever-changing market dynamics and investors' strategies to exploit historical price differentials.