Grayscale's Bitcoin Trust has shed about 38,600 BTC this year.

Per its latest 10-Q (Sept 30, 2026):
• 126,987.94 BTC held, vs 165,591.50 at year-end 2025
• Net assets $10.61B, vs $14.50B

That's roughly 23% fewer coins, as spot BTC ETFs just logged ~$1.28B in weekly outflows.

My take: legacy wrappers keep leaking while newer ETFs absorb flows. The real signal is whether outflows slow once CPI lands Tuesday.

Do ETF outflows keep going through year-end, or do they flip back by December?

$BTC $GBTC
#Bitcoin #BTCETF #Grayscale
Not financial advice.