JPMorgan stated on Thursday that up to $3 billion has been invested in GBTC on the secondary market to take advantage of the discount to the trust fund's relative net asset value by 2023. If this estimate is correct and taking into account the $1.5 billion that has already exited, another $1.5 billion may be profitably withdrawn from the field through GBTC, which could put further pressure on Bitcoin prices in the coming weeks. The report also states that this outflow of funds has put pressure on GBTC to reduce fees and adds that "compared to other spot Bitcoin ETFs with further fund outflow risks, GBTC's 1.5% fee still appears to be high. If GBTC loses its liquidity advantage, it may withdraw more capital, potentially exiting an additional $5 billion to $10 billion."

According to BitMEX Research, GBTC flow data for the fourth day has been released, showing that 458 million USD flowed out of GBTC on the fourth day, with a total outflow of 1.6 billion USD.

Eric Balchunas, an ETF analyst at Bloomberg, stated on X platform that GBTC has officially completed its transition to an ETF.

Grayscale Bitcoin Trust (GBTC) has submitted a written prospectus to the US Securities and Exchange Commission (SEC) under the US Securities Act 163/433.

ARK Invest, the investment firm led by Cathie Wood, has sold off its remaining holdings of Grayscale Bitcoin Trust (GBTC) shares, worth around $200 million, and used $100 million of the proceeds to buy shares in the ProShares Bitcoin Strategy ETF (BITO). This move has made ARK Invest the second-largest holder of the Bitcoin futures ETF. The firm's reshuffling of its portfolio comes amid speculation around the possible approval of a spot Bitcoin ETF by the US Securities and Exchange Commission (SEC), with hopefuls rushing to finalize their applications before a potential approval window in January.

According to Coinglass data, the current total value of Grayscale's holdings is approximately $38.558 billion, with the Grayscale Bitcoin Trust Fund (GBTC) having a negative premium rate of 7.57%; the ETH Trust has a premium rate of 13.36%. In addition, the ETC Trust has a premium of 29.03%, and the LTC Trust has a positive premium of 70.72%.

ARK, led by Cathie Wood, has sold 809,441 shares of Grayscale Bitcoin Trust (GBTC) for around $28 million as bitcoin approaches $43,000. This brings the investment firm's remaining GBTC shares to 3.4 million ($117.4 million), down from a peak of 9 million shares in July 2021. ARK purchased the GBTC shares at an average cost of $24.08, making a profit on this sale as GBTC currently trades at $34.54. Bitcoin is currently trading above $42,900, up 17% in the last 30 days.

According to TheBlock, Cathie Wood's ARK Invest sold $59 million worth of Coinbase stocks and $15 million worth of GBTC last week.

Coinglass data shows that the current Grayscale GBTC negative premium rate is 9.48%, ETH Trust negative premium rate is 13.73%, and ETC Trust negative premium rate is 25.01%. In addition, Grayscale LTC Trust has a premium rate of 53.22%, BCH Trust has a premium rate of 73.37%, SOL Trust has a premium rate of 250.54%, and LINK Trust has a premium rate of 239.30%.

Cathie Wood's ARK Invest continued to reduce its holdings of Grayscale Bitcoin Trust (GBTC) on December 11th, selling a total of 395,945 shares worth approximately $12.85 million.