Gold Finance reports that, according to HODL15 Capital data, the U.S. spot Bitcoin ETF has been online for 50 weeks, and the holdings of BlackRock's IBIT have risen from 2,621 Bitcoins in the first week to 552,555 Bitcoins, completely absorbing the selling pressure from Grayscale's GBTC. Grayscale's Bitcoin holdings have decreased from 619,200 Bitcoins in the first week to 206,860 Bitcoins. Note: Grayscale Bitcoin Trust was previously the main avenue for investors to enter the Bitcoin market, having 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 inherits the massive asset base from before. GBTC's management fee (1.5%) is higher than that of other competitors, leading investors to choose to redeem GBTC shares and shift to other ETFs after the launch of the spot ETF, resulting in the phenomenon of the aforementioned flow of holdings between BlackRock's IBIT and Grayscale's GBTC.

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