the bigger fact i missed was that GBTC with 600k bitcoin converted to an ETF to and thats where the selling cames from. borrowing a share and sell it is just one buy and one sell, only volume. but the borrowed share had to be bought first, right?
Discussion
Grayscale holders are probably the biggest sellers, you're right about that. But any of these ETFs can be shorted. If the issuer seeds the fund with $100 million, then there is already $100 million worth of shares in existence.