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GBTC is now experiencing a massive redemption as the Bitcoin halving event draws near. In just the last five days, investors have led withdrawals of $89.9 million. This represents a total outflow of $1.6 billion from January to the present. The fact that high-valuation companies are valued by investors points to broader market sentiment.
Gray funds are going to be a target of fresh competitors from the field of BlackRock and Fidelity. With these businesses gaining considerable market share due to their lower fees, they have become a disruption force. Shed some light on that, there was about $37 million and $18.7 million net inflows invested in Fidelity’s FBTC and BlackRock’s IBIT funds within that week.
But that did not last long; on April 18th, an outflow was <a href="https://sosovalue.xyz/assets/etf" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">reported</a> on BlackRock, resulting in a drop of around $17 billion from investors.
Mike Sonnenshein, GrayScale CEO has mentioned that the firm is experimenting with the idea of reducing its fees and offering a new Bitcoin product for a lower price, known as Bitcoin Mini Trust. Through this product, they can get exposure to Bitcoin at a lower price compared to a full exchange of the crypto coin.
In spite of this, we can see that institutional investors are becoming more inclined towards Bitcoin as it has evolved in the crypto market. A Bitwise report published last week shows that registered investment advisors (RIAs) and multifamily offices are pouring over and are apt to include Bitcoin in their portfolios. In fact institutions such as hedge funds are very likely to demand for Bitcoin more in the days to come once the Bitcoin halving comes.
Also Read:<a href="https://www.cryptotimes.io/2024/04/20/iit-bombay-bfi-forge-alliance-to-transform-indian-healthcare/" data-wpel-link="internal" rel="noopener noreferrer nofollow">IIT Bombay, BFI Forge Alliance to Transform Indian Healthcare</a>

Grayscale Bitcoin ETF Sees Large Redemptions ($1.6 Billion)

The Crypto Times

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