【US Spot Bitcoin ETF Launched for 50 Weeks, BlackRock IBIT Completely Absorbs Grayscale GBTC Selling Pressure】According to HODL15Capital data, the US spot Bitcoin ETF has been online for 50 weeks, and the holdings of BlackRock's IBIT have risen from 2,621 in the first week to 552,555, fully absorbing the selling pressure from Grayscale's GBTC, whose Bitcoin holdings have decreased from 619,200 to 206,860. Note: The Grayscale Bitcoin Trust was previously the main avenue for investors to enter the Bitcoin market, having accumulated a large position before the launch of the spot Bitcoin ETF, with initial holdings reaching 619,200 BTC. After transitioning to a spot ETF, it directly inherited the previous large asset base. The management fee rate of GBTC (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 aforementioned phenomenon of the flow of holdings between BlackRock's IBIT and Grayscale's GBTC.

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