This instrument, created by Grayscale in 2013, is awaiting the approval of a spot ETF for BTC. Essentially, these are fund shares backed by BTC.
At the time, GBTC owned 3.4% of BTC from the total circulating supply. The value of one share was equivalent to 0.00092896 BTC.
A few days ago, financier, founder, and managing partner of SkyBridge, as well as former director of public relations under President Donald Trump, Anthony Scaramucci, stated in an interview with Bloomberg that the correction in BTC price may be linked to increased sales of GBTC
In his opinion, investors who bought GBTC at values of $64-69,000 USD/1 BTC realized their losses and transferred the remaining funds to ETFs, as the maintenance fees for this instrument are much lower. Representatives from Grayscale denied this statement, as they have long had a mechanism for the automatic conversion of GBTC to ETF, which should not impact the market.