Anthony Scaramucci, founder of SkyBridge Capital, stated that part of Bitcoin's decline since the start of trading of Bitcoin spot ETFs is due to the sell-off of Grayscale GBTC. SkyBridge Capital's trading department noticed that when the US SEC approved these ETFs this week, GBTC holders were selling these stocks and turning to lower-cost alternatives.

In response, Zach Pandl, Managing Director of Grayscale's Research Department, stated that selling one Bitcoin product to purchase another Bitcoin product will not affect the price of Bitcoin. With the significant increase in the valuation of Bitcoin since the beginning of last year, some profit-taking is naturally occurring.

Anthony Scaramucci added: "The second thing we see is the sale of bankrupt assets from FTX after the ETF positive news. Currently, there is a large amount of Bitcoin selling, and it is expected that the situation of oversupply will be resolved in the next six to eight trading days. Wall Street has yet to be able to promote these ETFs, which will also begin in about eight days."