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Something odd just happened in crypto-land…

The Grayscale Bitcoin Trust ETF (GBTC) suddenly crashed 11%…

…completely decoupling from the underlying bitcoin price…

GBTC has seen almost constant serial outflows (while the rest of the ETF patch has seen inflows)…

As CoinTelegraph reports, asset management firm Grayscale Investments has recorded over $20.4 billion in outflows from its spot Bitcoin and Ether exchange-traded funds (ETFs) combined.

The Grayscale Bitcoin Trust ETF (GBTC) has lost an average of approximately $137.7 million daily in almost seven months since its launch on Jan. 11.

As of July 29, GBTC recorded total outflows of $18.86 billion.

Several traders are pointing to the following press release from Grayscale:

So it appears Grayscale is seeding its mini-BTC ETF with a distribution from GBTC which would suggest the "10%"-ish decline in GBTC is warranted.