The Grayscale website Wednesday morning showed GBTC as holding roughly 537,000 bitcoin, down about 100,000 BTC since Jan. 11.
The outflows are usually split between Coinbase Prime and new GBTC custody addresses. This means that not all of the BTC moved is being redeemed. The outflows appear to be settlements of trading activity for the previous day(s).
GBTC has seen this massive outflow for any number of reasons, but principally as Grayscale cut its management fee just 50 basis points to 1.50% following the conversion to a spot ETF.
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