According to CEO Michael Sonnenshein, Grayscale's flagship Bitcoin ETF will reduce fees but only when the products "start to mature." This fund has the highest fees among spot Bitcoin ETFs in the United States.

Michael Sonnenshein – CEO Grayscale

Sonnenshein said in an onstage interview April 10 at Canaccord Genuity's Digital Assets Symposium that "markets tend to be very excitable" when products get exposure to specific themes or commodities — such as Grayscale Bitcoin Trust (GBTC) — launched and provided investors with access to the asset for the first time.

“We're still at that stage for Bitcoin.

Over time, Sonnenshein said the products “start to mature” and the market consolidates as investors allocate large capital to just a few products.

“That means fees also decrease over time. We will reduce fees for GBTC and that also means we are nearing the end of the first round of the adoption wave.”

Typically, new products – such as the recently launched Bitcoin ETF – find their way to asset management platforms, Sonnenshein said.

“Those things really haven't started happening yet. We have not yet completed the next phase of adoption and growth in the United States.”

GBTC launched in 2015 and converted to an ETF in January, along with the launch of nine other Bitcoin ETFs after Grayscale won its case against the US Securities and Exchange Commission – forcing the agency to review the request GBTC conversion which they refused.

GBTC has the highest management fees of all US Bitcoin ETFs – pegged at 1.5% a year compared to the 0.3% average of its competitors.

Sonnenshein claims that after the GBTC conversion, the fund emerged as a “capital market and risk transfer tool” for those who want exposure to Bitcoin.

“GBTC has a very large supply of outstanding shares, high daily liquidity, very low spreads. We have seen a lot of participation from such investors.”

Despite Grayscale's initial “100% market share” of Bitcoin ETFs in the United States, Sonnenshein knows that other issuers entering the market “will bring net benefits to the ecosystem.”

“We truly believe that a rising tide lifts all boats when it comes to the adoption, maturity and accessibility of this asset class. We have seen some of the world's largest asset managers enter the space. I think that just emphasizes again the staying power of the asset and investor demand for it.”

GBTC records outflows of $166 million

GBTC continues to record significant capital outflows, with over $166 million and over 2,500 Bitcoin withdrawn from the fund on April 12.

Flows through the U.S. cumulative Bitcoin ETF since launch on January 11 and outflows from GBTC (gray) | Source: Farside Investors

According to Farside Investor data, outflows from GBTC have now exceeded $16.2 billion since the Bitcoin ETF launched in January. Since April, daily outflows from the Grayscale Bitcoin Trust have fluctuated between $75 million and $300 million.

On the other hand, inflows into Bitcoin ETFs are minimal, suggesting that investor participation is decreasing. GBTC recorded significant outflows of $767 million this week, contributing to negative overall Bitcoin ETF inflows.

Source: Joe Consorti

BlackRock maintains strong backing as assets under management for the IBIT Bitcoin ETF surpass $15 billion, closing the gap with Grayscale's Bitcoin holdings. A significant portion of outflows from GBTC may have flowed to BlackRock.

Grayscale CEO Michael Sonnenshein hinted earlier this week that outflows from the Grayscale Bitcoin Trust may be stabilizing, indicating optimism among traders and investors. However, current data indicate the situation may not be consistent with this optimism.

One major reason for the huge outflows from GBTC is the high fund management fees. However, Sonnenshein appeared hesitant to cut fees despite losing cash flow to competitors.

According to Farside data, GBTC saw an outflow of $17.5 million on April 10, a significant decrease from the $154.9 million outflow recorded on April 9. The previous low was on February 26 when GBTC lost $22.4 million. Four-month average daily GBTC outflow is $257.8 million.

Bankrupt crypto lending company Genesis recently sold about 36 million GBTC shares to buy 32,041 Bitcoin.



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