I doubt there will be much if any selling, and even if there was, it wouldn’t be expected to alter the price of the fund.
People who bought BITW did so because they wanted a diversified portfolio of crypto. If they only wanted to own bitcoin, they could have bought GBTC or OBTC. So the new bitcoin ETFs won’t impress them – they’d have to go from owning 10 coins to owning just one. Why would any of them want to do that (and incur tax liability along the way)?
Even if large numbers of BITW owners did that, it wouldn’t likely affect the fund’s NAV. That’s because there’d be too few – relative to the crypto universe – to move the price. And since half the fund is in bitcoin in the first place, they’d merely be selling BTC from one fund to buy it in another – a zero-effect trade.
I’m going to continue holding my BITW, with no worries.