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Robinhood chief brokerage officer: GBTC sellers mostly moved funds into another Bitcoin spot ETF

Steve Quirk, the Chief Broker of Robinhood, stated that one-third of buyers sold their shares to rebalance their investment portfolios, and 20% of purchases/sales occurred in retirement accounts when discussing user behavior regarding BTC ETFs. Most sellers of GBTC transferred their funds to another Bitcoin spot ETF.

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