According to HODL15Capital data, the US spot Bitcoin ETF has been online for 50 weeks, and the holdings of BlackRock's IBIT have increased from 2,621 coins in the first week to 552,555 coins, completely 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: The Grayscale Bitcoin Trust was previously the main avenue for investors to enter the Bitcoin market and had accumulated a large number of holdings before the launch of the spot Bitcoin ETF, with an initial holding of up to 619,200 BTC. After transitioning to a spot ETF, it directly inherited the previous massive asset base. The management fee rate for GBTC (1.5%) is higher than that of other competitors, leading investors to choose to redeem their GBTC shares and turn to other ETFs after the launch of the spot ETF, resulting in the aforementioned phenomenon of holdings flowing from BlackRock's IBIT to Grayscale's GBTC.

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