While it is difficult to discern exactly why funds have vacated GSC recently, it is very feasible that an institutional holder or holders are simply transitioning assets that were parked in GSC into another related fund.
Other funds in this space include DJP (iPath DJ Commodity Index ETN), GSG (iShares GSCI Commodity Index), and GCC (Greenhaven Continuous Commodity) for instance, and all have had a nice run in the past several months beginning in late June.
Year to date, DBC has fared the best in this space, down 3.31% whereas GSG has lost 5.42%, GSC -5.91%, DJP -6.65%, and GCC has fallen 8.88%.
Goldman Sachs Connect S&P Enhanced Commodity Total Return Strategy ETN
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