In the aftermath of the Grayscale Bitcoin Trust's (GBTC) conversion into an ETF earlier this month, a substantial sell-off has been witnessed, with investors liquidating over $2 billion worth of the fund's shares. Recent insights from a Bloomberg report suggest that a significant portion of these outflows can be attributed to the bankruptcy estate linked to FTX/Alameda Research.

Sources familiar with the matter disclosed that Marex Capital Markets, a brokerage firm, executed the sale of more than 67% of the 22.28 million shares of GBTC held by FTX. Astonishingly, this massive sell-off occurred within the initial three days of trading following the conversion of GBTC into an ETF.

While precise details regarding the financial gains from this substantial sell-off remain undisclosed, estimates suggest that FTX may have amassed at least $600 million, based on the average price of GBTC shares since the ETF debut. If these figures hold true, the FTX estate is anticipated to retain around 7.5 million shares, valued at approximately $266 million.

This revelation sheds light on the intricate dynamics surrounding the recent sell-off in GBTC, emphasizing the role of entities like FTX/Alameda Research in navigating the evolving landscape of cryptocurrency investment. As the market continues to adapt to the ETF status of GBTC, such developments will undoubtedly influence investor sentiments and shape the future trajectory of cryptocurrency-related financial instruments.