Very likely.

Many of them were sitting in very high % of unrealized profit, but I also believe a big part is selling GBTC to buy different ETF with lower fees.

I also believe it's also made on purpose that they can't directly move from GBTC into another without selling, so they will not only havebto pay capital gains, but also will create a big sell pressure so price wouldn't skyrocket and suits shorting it would not be OMEGA SQUEEZE..

..BUT IT WILL HAPPEN.

What happened to GameStop and RobinHood was a joke.. there will be no one to call and to deactivate the BUY button on Bitcoin, they still didn't get the difference.