If you look at Data Grayscale BTC never sold a Single BTC they just moved them to MSTR but in between them Those who followed GBTC Sold Their BTC and became Liquidity for both MSTR and GBTC may Be It Was Binanance or May Be it was You 🫵🏻$BTC

Holdings rose from ~214k BTC (early 2024) to 709k+ BTC, with aggregate cost basis near $53.9B overall (thus ~$39.7B since date) For Microstrategy

Grayscale Bitcoin Trust (GBTC) has seen net outflows equivalent to about 331,080 BTC sold from January 11, 2024, to January 27, 2026

At varying BTC prices during that span (from ~$42k early 2024 to ~$92k now), the USD value of these sales totals approximately $25.8 billion.$BTC
{spot}(BTCUSDT)