Grayscale’s original GBTC charged an annual management fee of 2%, which is about 13,000 BTC a year, equivalent to about 600 million U.S. dollars at the current price, while the new major ETFs are about 0.2%. To receive the same fee, the scale of the new ETF must be as high as A scale of 300 billion US dollars is basically impossible in the short term. As a pioneer in the industry, Grayscale has already eaten the richest part, and the rest is relatively useless to him. Therefore, after GBTC was converted to ETF, the management fee was not set at 0.2% like other companies but at 1.5%, which means that Grayscale In fact, they are actively driving investors away. Because the management fee is 750% higher, normal people will make a choice. Therefore, there is a high probability that Grayscale’s GBTC scale will flow out quickly and continuously, until finally Grayscale has a high probability of exiting the ETF, because it is relatively high. Compared with traditional institutions such as BlackRock, it has basically no advantage in ETFs. Let’s wait and see! ! #BTC #etf