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The Grayscale Bitcoin Trust is one of the biggest victims of cryptocurrency sellouts.

The $27 billion (symbol GBTC) has fallen almost 27% so far in 2022, more than Bitcoin has fallen around 9%. GBTC closed Tuesday at an all-time high 26.5% below the value of its Bitcoin holding, according to data from Bloomberg.

GBTC has been fighting this phenomenon for months. The trust does not allow ETF-style share buybacks, so there is no way to adjust the stock in response to changes in demand. As a result, capital markets fell as investors pulled out of the cryptocurrency, causing the stock price to shorten.

In October, Grayscale Investments LLC filed an application with the United States Securities and Exchange Commission (SEC) to convert GBTC to an ETF. The move requires quick handover, but regulators have yet to approve a physical Bitcoin currency.

"GBC continues to be heartbreaking due to further price cuts," Spectra Markets President Brent Donnelly said in a statement. "GBC is currently the largest binary bet on physical ETFs."

GBTC, which trades at a multi-year rate against Bitcoin, first appeared at a depreciating rate in February last year, and the number of commodities rose sharply. However, GBTC competition has been weak with the emergence of Bitcoin ETFs in Canada and the first competition-based Bitcoin ETFs in the United States. Grayscale's parent company, Gains Digital Group, wants to eliminate the discount by buying back GBTC shares.

The difference between the price of GBTC and Bitcoin overtook the ProShare Bitcoin Strategy ETF (BITO), which is prone to tracking errors due to its grip on futures. Bitcoin gained 1.6% on Tuesday, while BITO and GBTC lost 3.3% and 6.4% respectively.