Investors have sold over $2 billion worth of Grayscale Bitcoin Trust (GBTC) since it became an exchange-traded fund earlier this month. FTX's bankruptcy estate was responsible for a large portion of the exodus, selling 22 million shares worth close to $1 billion. While new bitcoin ETFs from BlackRock and Fidelity have seen inflows, GBTC has seen billions of dollars worth of bitcoin pulled out. FTX's selling pressure may ease now that it has finished liquidating its holdings, which were valued at $597 million in October 2023.