Golden Finance reports that according to HODL15 Capital data, the US spot Bitcoin ETF has been online for 50 weeks. BlackRock's IBIT holdings have increased 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: The Grayscale Bitcoin Trust was previously the main avenue 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 transitioning to 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 switch to other ETFs after the launch of the spot ETF, resulting in the phenomenon of the inflow and outflow between BlackRock's IBIT and Grayscale's GBTC mentioned earlier.

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