🚨 Grayscale's GBTC Drops Over 60% of Bitcoin Holdings Since ETF Launch
⏩ Grayscale's#Bitcoinfund (GBTC) has seen a sharp decline, shedding more than 60% of its#Bitcoinholdings since converting to an ETF in January, now holding around $227,400 in BTC
⏩ The decline is attributed to high management fees and competition from other funds such as BlackRock's iShares Bitcoin Trust and Fidelity's FBTC.
⏩ Once the largest#BitcoinETF, GBTC has been overtaken by BlackRock's IBIT, which now dominates the market with around $358,000 in BTC
⏩ Recent data shows that GBTC outflows are slowing, with the lowest withdrawals since mid-July. Meanwhile, IBIT continues to attract significant investment.
⏩ Grayscale Bitcoin Mini Trust: Low-cost version of GBTC saw its first outflow on August 28 but has still attracted nearly $350 million in net capital since launch.
🔗 Source: link (https://cryptobriefing.com/grayscale-bitcoin-etf-decline/)
