Although large investors appear to have sold off Grayscale’s GBTC, Bitcoin ETF inflows remain positive, led by BlackRock’s IBIT.

The large outflow could possibly indicate that cryptocurrency lender Genesis has accelerated or begun divesting its GBTC holdings to take advantage of Bitcoin’s rally. Genesis received On February 14, the bankruptcy court authorized the sale of 35 million shares of GBTC stock (valued at $1.3 billion at the time, about $1.9 billion today), but GBTC’s outflows had been muted for the past two weeks until Thursday’s spike.