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T+2 which means they are settling out within 48 hours. One of the reasons you see headlines about grayscale doing all this selling is because people are dumping the shares and going elsewhere. You have people looking for the lower fees in the new products and people who just bought GBTC in anticipation of some ETF announcement. The selling isn't likely to last that long though. Previously what you would see if this was taking place is the discount on GBTC shares would just rise. Now they can sell Bitcoin to manage nav There are two main things going on with Bitcoin that your standard crypto influencer isn't telling you about. The first one they kind of are with the coinbase trial, the other one is the Chinese economy and this is a big one. The ETF ticker FXI is at all time lows. That's Chinese large caps.. China has this massive problem with an aging demographic and declining population along with the Western countries actively trying to push down its economy. I would not be surprised if a lot of the selling we have been seen is from what I first said about people winding out the GBTC trade and the second one is Asia is nervous..there does not appear to be a positive end in sight for the Chinese economy at this time