Don’t panic when you see that Grayscale GBTC’s cumulative net outflow exceeds $17.6 billion. In fact, don’t forget that Grayscale is a fund company. Its capital inflow and outflow are not its own buying and selling. It is the users who buy and redeem its fund shares! Why do you redeem and then withdraw the money? It’s very simple. Grayscale’s management fee is too high. Everyone redeems and then buys the newly launched Bitcoin spot ETF! So, in fact, Grayscale did not smash the market. It’s just that users simply took money out of Grayscale and deposited it in BlackRock! According to Farside Investors, the US Bitcoin spot ETF has accumulated a net inflow of $11.6822 billion since its launch. Among them:
-IBIT has a cumulative net inflow of US$15.5025 billion;
-FBTC has a cumulative net inflow of US$8.1414 billion;
-BITB has a cumulative net inflow of US$1.7664 billion;
-ARKB has a cumulative net inflow of US$2.2491 billion;
-GBTC has a cumulative net outflow of US$17.6329 billion.
