The biggest step for spot Bitcoin ETF approval in the US was taken by Grayscale, and the same Grayscale is working to get rid of it, but bigger step is taken by its buyer.

ETF King Grayscale getting rid of BTC

Grayscale fought a major legal battle with the SEC. In the end, it was the court's decision in Grayscale's favour that forced Gary Gensler to reluctantly approve the Spot Bitcoin ETF. Now Grayscale is holding back the inflow with a hefty fee of 1.5% and is continuously shedding its bitcoins from the outflow.

Who is the customer?

     Grayscale is selling its bitcoins, but to whom? This is an interesting question because its buyer can only have a big personality. Grayscale's rival ETFs like Felidity and BlackRock, BTC Maxi Michael Saylor's Microstrategy, countries like El Salvador where Bitcoin is legal tender, and Bitcoin collectors like Tim Draper?

Yes Boss

     Grayscale is part of Barry Silbert's Digital Currency Group (DCG), so it may act under the direction of its parent company. Some analysts claim that GBTC's current predicament is caused by decisions taken in the interest of DCG. Whether there is profit or loss to the customers, an attempt has been made to benefit the parent company.