#Will there be a huge pullback post BTC ETF approval? Why is Grayscale Dumping BTC ?
Before the spot ETF approval, GBTC used to redeem its shares by giving investors USD value, but they never sold the BTC.
That's why Grayscale became one of the largest BTC holders, beside Satoshi.
Now, with the spot ETF approval, investors are pulling their money out of GBTC for two reasons.
➡️ Grayscale is charging a 1.5% yearly management fee, which is 5–6 times higher than other ETF issuers.
➡️ A lot of investors bought GBTC at a 40% discount, and now it's at 0%, so they are exiting their positi