Let me analyze for everyone: why Grayscale has been selling off after launching the ETF.

First of all, Grayscale is an asset management company, that is, a custody company. If a customer has purchased Gbtc before and wants to redeem it, Grayscale can only sell BTC. In the past, Grayscale customers could only buy but not sell. Now that the lockdown has been lifted, some want to settle down or switch to an asset management company with lower fees, so they will initiate redemption activities, and Grayscale will start sell off.

At present, it seems that Grayscale’s selling pressure has not decreased. Another positive: BlackRock's ETF assets continue to increase. In other words, a lot of traditional funds have also entered BTC.