Is Grayscale offloading Bitcoin valued at several billion dollars? Point the finger at the ETFs—Bitcoin has experienced a significant slump this week, with its value dropping by more than 14%, even though it’s only been a little over a week since the landmark sanctioning of physical cryptocurrency exchange-traded funds. It seems that Grayscale, a digital asset management company under the umbrella of the cryptocurrency giant Digital Currency Group, might be significantly contributing to a certain situation. Shareholders in Grayscale’s Bitcoin Trust, which has just been transformed into a Bitcoin Exchange-Traded Fund (ETF) after receiving the green light from the SEC, have been rapidly selling off their shares. This massive exodus has left analysts astonished by the extent of the sell-off. Grayscale’s new Bitcoin ETF began its trading activities just last week, simultaneously with 10 other comparable offerings. Previously, the Trust operated as a closed-end fund where it was not possible for investors to exchange their shares for Bitcoin. Since it has become an ETF, investors are withdrawing their money on a large scale. In just the initial few days, over five hundred million dollars were redeemed. Over the past five days, Bloomberg data indicates that the fund has experienced outflows exceeding $2.2 billion. Meanwhile, other ETFs have been attracting new investments. The iShares Bitcoin Trust (IBIT) from BlackRock is leading the pack with $1.2 billion pouring in. A leading ETF analyst at Bloomberg expressed to Decrypt their surprise at the significant withdraws from GBTC. These large redemptions are primarily due to investors leaving their stances to realize profits after being previously constrained within the fund. Additionally, GBTC is known for charging the steepest management fee among all U.S. Bitcoin ETFs focused on the spot market, at a rate of 1.5%. BlackRock currently has an IBIT of 0.12%, but plans to increase it to 0.25% within the next year.