📊Grayscale GBTC's Bitcoin Holdings Have Fallen Over 60% Since ETF Debut🤔

Since Grayscale (#Grayscale ) converted their GBTC into an exchange-traded fund (ETF), their Bitcoin holdings have fallen by more than 60%. Think about it, they had nearly 620,000 Bitcoins in January this year, but now only about 227,300 are left, which is a huge change.

The reason is that on the one hand, their management fees are relatively high, and on the other hand, there are some competitors in the market, such as BlackRock's iShares Bitcoin Trust (IBIT) and Fidelity's FBTC, which have put pressure on Grayscale.

GBTC used to be the largest Bitcoin ETF fund manager in the market, but now BlackRock's IBIT has taken over and become the new leader. Only five months after its launch, BlackRock's IBIT has attracted more than $20 billion in investment and holds about 358,000 Bitcoins.

However, Grayscale's GBTC seems to have shown some signs of improvement recently. According to Farside Investors, GBTC's outflows began to decline from the beginning of this month, with net outflows of only $8 million on Wednesday, the lowest level since mid-July.

Even more interesting, Grayscale's Bitcoin Mini Trust Fund BTC (which is the low-priced version of GBTC), although it saw its first outflow on August 28, has attracted nearly $350 million in investment since its launch in late July. This has narrowed the gap between it and rival funds such as Invesco (BTCO) and Franklin Templeton (EZBC).

So, while Grayscale's #GBTC has had a tough time, it now looks like they may be slowly recovering.

Finally, do you think Grayscale can regain its market leadership? Or do you think other funds continue to lead? See you in the comments!