Grayscale Bitcoin Trust (GBTC) transferred $41 million in Bitcoin (BTC) during a market turbulence.

The move coincided with GBTC allowing authorized participants to redeem Bitcoin, sparking market speculation.

Despite theories linking GBTC redemptions to the Bitcoin price downturn, Arkham data reveals modest outflows.

Grayscale Bitcoin Trust emerges as a major Bitcoin holder, with estimated holdings now reaching $27 billion.

The article explores the market impact, debunking theories and analyzing the intricacies of GBTC's influence.