According to the latest data, the number of bitcoins held by BlackRock's Bitcoin Spot ETF (IBIT) (288,670) has exceeded Grayscale's GBTC (287,450), temporarily becoming the largest Bitcoin spot ETF.

After the last wave of BTC hit a high of 73,000, the market has been in a continuous correction for nearly two months. The vast majority of the reasons are that Grayscale's GBTC holders continued to redeem, leading a wave of market corrections. This is not only due to high-level profit-taking, but also because Grayscale's high handling fees have been criticized.

As of now, Grayscale's GBTC handling fee remains at around 1.5%, while its peers such as BlackRock only have 0.2%, which is too big a gap. Moreover, BlackRock is far superior to Grayscale in terms of its own size and credit endorsement. It is no wonder that investors continue to sell Grayscale GBTC and buy BlackRock's IBIT instead.

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