I think the downward pressure on the market at the moment COULD be because of weak hands who are fearful of this. GBTC unlock is over next week so hopefully we resume upwards price trajectory then.
There will always be weak hands in the market, and I thought though that they have exited already when the price goes down below $50k. I think the selling off comes from a more experienced traders and investors. And because of the news, they sell and then wait for the bottom again buy.
But as I have said previously, most GBTC bought it at a premium and this are smart investors. They won't simply going to sell because (1) they know that the market will be affected drastically (2) the profit margin for them is small.