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💡🤔 theory..

a giant chunk of the current Grayscale #Bitcoin ETF (GBTC) sell off is basic tax loss harvesting / wash trading

people that bought into GBTC years ago when BTC was over $45,000 taking the loss now for their 2024 tax impairments

after the antiquated T+2 settlement (trade date + two days) of the funds, the seller can take that remaining capital and roll it into another ETF if they so choose.

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Discussion

Toxic Bitcoiner 1y ago

Fiat Shenanigans 🤡🌎 1y ago

Dude Grayscale has been around for a little over a decade. A lot of the holders are fiat-brained Wall Street chodes. Some of them are sitting on a 30,000% profit and have been waiting years for an ETF conversion so they can cash out. To them it's just another asset class to be traded for dollars.

MattA 1y ago

for sure. That also.

on top of all the people that bought GBTC at a discount to nav.

xav999 1y ago

Makes sense