Bitcoin

April

Spot

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Grayscale’s GBTC bitcoin holdings have decreased by approximately 50% in three months since the U.S. spot bitcoin ETFs launch.</li>
 <li>Despite the decrease, the rise in bitcoin’s price has resulted in a less significant decrease in GBTC’s assets under management in dollar terms.</li>
</ul>
<p>Grayscale’s GBTC has seen a significant decrease in its bitcoin holdings since the launch of spot bitcoin exchange-traded funds in the U.S. on January 11.</p>
<p>The decrease has been around 50% in the past three months, contrasting with the nine newly launched ETFs from BlackRock, Fidelity, and others.</p>
<h2 id="grayscale-s-gbtc-conversion">Grayscale’s GBTC Conversion</h2>
<p>Unlike the new ETFs, Grayscale’s pre-existing Bitcoin Trust was converted into an ETF rather than starting from scratch. It held approximately 619,220 <a href="https://crypto.ro/en/cryptocurrencies/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin (BTC)</a> when spot bitcoin trading began.</p>
<p>GBTC also has a higher fee than its competitors, charging 1.5% compared to the current 0.12% fee for BlackRock’s IBIT.</p>
<h2 id="decrease-in-assets-under-management">Decrease in Assets Under Management</h2>
<p>Despite the decrease in bitcoin holdings, the rise in bitcoin’s price has resulted in a less significant decrease in GBTC’s assets under management in dollar terms. The assets have fallen 31% from a value of $28.7 billion on January 11 to $19.8 billion at current prices.</p>
<p>BlackRock’s IBIT and Fidelity’s FBTC spot ETFs have been the primary beneficiaries in terms of market share by bitcoin holdings. GBTC’s market share has fallen from effectively 100% on launch day to just 37.3%.</p>
<p>The combined assets held by all the U.S. spot bitcoin ETFs are now at nearly 840,000 BTC, more than 4% of bitcoin’s total 21 million supply.</p>
<p>For two trading days in a row, BlackRock’s IBIT and Grayscale’s GBTC have been the only U.S. spot bitcoin ETFs to record any flows.</p>
<h2 id="hong-kong-s-spot-bitcoin-and-ether-etfs">Hong Kong’s Spot Bitcoin and Ether ETFs</h2>
<p>Hong Kong’s Securities and Futures Commission approved several spot bitcoin and ether ETFs on Monday, managed by firms including China Asset Management, Harvest Global, Bosera, and HashKey.</p>
<p>The spot bitcoin funds aim to launch as early as late April, provided that interactions with the regulator proceed smoothly.</p>
<h2 id="bitcoin-s-price-amid-geopolitical-tensions">Bitcoin’s Price Amid Geopolitical Tensions</h2>
<p>Bitcoin is currently trading for $63,459. The largest cryptocurrency is down 4% over the past 24 hours and 10% over the past week amid geopolitical tensions but remains 50% up year-to-date.</p>
<p>Bitcoin’s halving event, when the miners’ block subsidy reward gets cut in half from 6.25 BTC to 3.125 BTC, is now just four days away.</p>
<p>The estimated countdown is based on Bitcoin’s average block generation time of 10 minutes, setting a potential date of April 20 at around 3:30 a.m. UTC (11:30 p.m. ET on April 19).</p>

Grayscale’s GBTC Halves Bitcoin Holdings Following Launch of Spot ETFs

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