At present, Grayscale holds 2.9352 million ETH, worth more than $11.17 billion. Although Grayscale Bitcoin is much larger than Ethereum, the flight of arbitrage profits and the lack of stake mechanisms for ETFs are also believed to lead to outflows. However, looking at the changes in the funds of the overall Bitcoin ETF,

This part of GBTC's outflows has been completely covered by other ETFs. According to Farside Investors, as of May 22, Bitcoin Spot ETF still had a net inflow of more than $13.43 billion. And in terms of price performance, the price of the current Bitcoin is about 45% pump higher than when the ETF was launched. In other words, although the outflow of GBTC has brought some selling pressure to Bitcoin, it has been digested by other Bitcoin ETFs and has not had longing impact on the price of Bitcoin. This also has a certain reference significance for the price impact of ETH after the launch of Grayscale Ethereum ETF.