50 weeks after the launch of the US Bitcoin spot ETF, BlackRock IBIT fully absorbed the selling pressure of Grayscale GBTC

On December 29, according to HODL15Capital data, the US Bitcoin spot ETF has been online for 50 weeks, and BlackRock's IBIT's holdings have increased from 2,621 Bits in the first week to 552,555 Bits, fully absorbing the selling pressure of Grayscale GBTC. Grayscale GBTC's Bitcoin holdings have decreased from 619,200 Bits in the first week to 206,860 Bits. BlockBeats note: The Grayscale Bitcoin Trust Fund was previously the main channel for investors to enter the Bitcoin market, and had accumulated a large number of holdings, with an initial holding of 619,200 BTC, before the launch of the spot Bitcoin ETF. After transforming into a spot ETF, it directly inherited the previous large asset base. The management fee rate of GBTC (1.5%) is higher than its competitors, causing investors to choose to redeem GBTC shares and turn to other ETFs after the launch of the spot ETF, resulting in the phenomenon of the flow of holdings between BlackRock's IBIT and Grayscale GBTC mentioned above.