According to BlockBeats, JPMorgan analysts recently released a report pointing out that if Grayscale does not make effective fee cuts, it may lead to more funds flowing out of GBTC. Currently, BlackRock only charges 0.12% in fees, Fidelity charges 0.25%, Cathie Wood's Ark Invest fund charges zero fees, which will rise to 0.21% in six months, while Grayscale GBTC's management fee is 1.5%. The report shows that Grayscale's current predicament is not limited to fees. The difference between GBTC's share price and its net asset value per share at closing, as well as the "Hui-Heubel liquidity ratio" representing market breadth, are also behind BlackRock and Fidelity.