I believe that is total daily volume which is buys and sells. I believe a lot of people sold GBTC today bc the 6 month closed-end fun lockup is no more and their fees are very high vs the other funds. So many sold and that would correspond to fund sells if I’m not mistaken

I’ve read 2 options here.

1. They have 24 hours to actually compete the buys so won’t see movement until tomorrow or when they actually complete the buys.

2. They’re buying OTC and coinbase has a sizeable “for sale” stack. Price won’t move until that gets low.

I don’t know if either are true 🤷‍♂️

GBTC outflows into other ETFs? Could be a nothing burger

because they don't buy Bitcoin in real time. the hedge with futures and options and slowly buy