@seraphimian
In Q2 2025, institutional investors dumped $500 million in Grayscale’s GBTC, a stark reversal from earlier inflows. Tax strategies likely drive this sell-off, as firms lock in gains after Bitcoin’s rally to $180,000, offsetting 2024 losses amid new U.S. tax rules on crypto gains. However, regulatory warnings also play a role—the SEC’s scrutiny of GBTC’s high fees and lack of staking options has spooked investors. BlackRock’s IBIT ETF, with lower costs, saw $290 million in inflows, highlighting the shift. Glassnode data shows long-term holder metrics skewed by GBTC outflows, mirroring 2021 peaks. While tax optimization dominates, fears of tighter regulations under a new SEC chair could sustain the exodus through Q3.
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