The U.S. Bitcoin Spot ETF Has Been Live for 50 Weeks, BlackRock's IBIT Fully Absorbs Grayscale's GBTC Selling Pressure

According to BlockBeats, on December 29, according to HODL15 Capital data, the U.S. Bitcoin Spot ETF has been live for 50 weeks, and BlackRock's IBIT holdings have risen from 2,621 coins in the first week to 552,555 coins, fully absorbing the selling pressure from Grayscale's GBTC. Grayscale's Bitcoin holdings have decreased from 619,200 coins in the first week to 206,860 coins. Note from BlockBeats: Grayscale Bitcoin Trust was previously the main way for investors to enter the Bitcoin market and had accumulated a large amount of holdings before the launch of the spot Bitcoin ETF, with an initial holding of up to 619,200 BTC. After its transformation into a spot ETF, it directly inherited the previous large asset base. GBTC's management fee rate (1.5%) is higher than that of other competitors, leading investors to choose to redeem GBTC shares and turn to other ETFs after the launch of the spot ETF, resulting in the phenomenon mentioned earlier of the flow of holdings between BlackRock's IBIT and Grayscale's GBTC.