The Grayscale Bitcoin Trust (GBTC), a prominent Bitcoin investment product, has seen a significant decline in its Bitcoin (BTC) holdings. This is despite the outflows recently slowing down. According to the data shared by K33Research senior analist Vetle Lunde, the GBTC’s spot Bitcoin ETF holdings have dropped by 50%, from 619,220 BTC on the first day of trading on January 11 to 309,871 BTC on April 16. GBTC has officially halved ahead of the halving. Grayscale has seen net outflows of 310,611 BTC in the 66 trading days since its conversion.