According to HODL15Capital data, the US spot Bitcoin ETF has been live for 50 weeks, and 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, having accumulated a large number of holdings before the launch of the spot Bitcoin ETF, with an initial holding of up to 619,200 BTC. Upon transitioning to a spot ETF, it directly inherited the previous massive asset base. GBTC's management fee (1.5%) is higher than that of other competitors, leading investors to choose to redeem GBTC shares and turn to other ETFs after the launch of the spot ETF, resulting in the phenomenon of BlackRock's IBIT and Grayscale's GBTC holdings flowing in opposite directions.

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