Summary
TLDR: Grayscale Investments’ bitcoin ETF saw over $10 billion in net outflows since converting to an ETF, with high fees being a major factor. Competing offerings like BlackRock’s IBIT and Fidelity’s FBTC are seeing strong demand. Despite the outflows, GBTC’s assets under management have only slightly dipped due to BTC’s price increase. Genesis may be contributing to the outflows. BTC reached an all-time high before dropping slightly, currently sitting at around $67,400.
Key Points
1. Investor assets exiting Grayscale Investments’ spot bitcoin ETF have surpassed $10 billion, with significant outflows from the Grayscale Bitcoin Trust ETF (GBTC).
2. Competing offerings like BlackRock’s iShares Bitcoin Trust (IBIT) and Fidelity’s Wise Origin Bitcoin Fund (FBTC) have seen strong demand, with lower fees compared to GBTC.
3. Despite the outflows, GBTC’s assets under management have only slightly decreased due to Bitcoin’s price increase, reaching an all-time high above $69,000 before settling around $60,000.