Grayscale Bitcoin Trust (GBTC) has reduced its Bitcoin holdings by 50% since the launch of the Bitcoin spot ETF.

On April 16, The Block reported that the number of Bitcoins held by Grayscale's Bitcoin Trust (GBTC) has been halved in about three months since the launch of the spot Bitcoin ETF in the United States on January 11. Unlike the nine new ETFs launched by companies such as BlackRock and Fidelity, Grayscale's previous Bitcoin Trust did not start from scratch, but was converted into an ETF. At the beginning of Bitcoin spot trading, GBTC held about 619,220 Bitcoins.

According to information disclosed by GBTC on Monday, its Bitcoin holdings subsequently fell by about 50% to about 311,621, while the fees it charged were much higher than its competitors. For example, GBTC's fee is 1.5%, while BlackRock's IBIT currently charges a fee of 0.12%. However, given the simultaneous rise in Bitcoin prices since the launch of spot ETFs, GBTC's USD-denominated assets under management have fallen less, from $28.7 billion to $19.8 billion on January 11, a drop of 31%.

In terms of market share of Bitcoin holdings, BlackRock's IBIT and Fidelity's FBTC have been the main beneficiaries. Data shows that as of yesterday, GBTC's market share has fallen from 100% on the day of issuance to 37.3%. During this period, IBIT has gained 32.2% of the share, and FBTC ranks third with a share of 17.8%. It is reported that the total assets currently held by all US spot Bitcoin ETFs are close to 840,000 BTC, accounting for more than 4% of the total supply of 21 million Bitcoins. #etf #gbtc #FBTC #ibit #BTC、