Bitcoin

Grayscale Bitcoin Trust

<p class="is-style-lead">The SEC approved a handful of spot Bitcoin ETFs, but funds from two particular issuers are heads and shoulders above the lot while Grayscale’s GBTC bleeds outflows.</p>
<p>Inflows of $1.9 billion and $1.6 billion confirmed spot Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">BTC</a>) ETFs from <a href="https://crypto.news/tag/blackrock/" data-type="link" data-id="https://crypto.news/tag/blackrock/" rel="noopener noreferrer nofollow">BlackRock</a> and <a href="https://crypto.news/fidelitys-spot-bitcoin-etf-reaches-1b-inflows/" target="_blank" rel="noopener noreferrer nofollow">Fidelity</a>, respectively. They are the dominant issuers from a basket of 10 asset managers approved to list products by the U.S. Securities and Exchange Commission (SEC).</p>
<p>Crypto native firm Bitwise and Cathie Wood-backed ARK 21Shares followed leagues behind the two frontrunners; both recorded inflows of over $500 million.&nbsp;</p>
<p>Bloomberg data on Jan. 24 shows that Fidelity’s Wise Origin Bitcoin Fund (FBTC) and the BlackRock iShares Bitcoin Trust (IBIT) made up 70% of all inflows into spot BTC exchange-traded products.</p>
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   <p lang="en" dir="ltr">Update for the <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Bitcoin</a> ETF Cointucky Derby.<br><br>$515 million came out of <a href="https://twitter.com/search?q=%24GBTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$GBTC</a> yesterday for a total of $3.96 billion in outflows since converting to an ETF. Newborn 9 saw +$409 million flow in. Net outflows in total for yesterday were -$106 million. <a href="https://t.co/gzymMHHua8" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/gzymMHHua8</a></p>— James Seyffart (@JSeyff) <a href="https://twitter.com/JSeyff/status/1750112206900109756?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">January 24, 2024</a>
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<p>The ETFs from BlackRock and Fidelity are also two of the fastest ever to achieve $1 billion in assets under management (AUM), likely due to their Wall Street presence as some of the largest financial firms in the world.&nbsp;</p>
<p>You might also like: <a href="https://crypto.news/analyst-grayscale-bitcoin-trust-sellout-has-clear-reasons/" rel="noopener noreferrer nofollow"> Analyst: Grayscale Bitcoin Trust sellout has clear reasons </a></p>
<p>Meanwhile, nearly $4 billion exited <a href="https://crypto.news/tag/grayscale/" data-type="link" data-id="https://crypto.news/tag/grayscale/" rel="noopener noreferrer nofollow">Grayscale’s</a> Bitcoin Trust (GBTC) less than two weeks after the SEC tendered approval. Grayscale’s product is still the largest spot BTC ETF on the market, holding over $20 billion in market capitalization and more than 500,000 Bitcoins in Coinbase custody.&nbsp;</p>
<p>Since Jan. 11, when spot ETFs began trading, Grayscale has sent around 93,700 BTC worth roughly $3.9 billion to Coinbase Prime wallets, according to blockchain analytics provider LookOnChain.</p>
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   <p lang="en" dir="ltr">Grayscale deposited 14,487 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$BTC</a>($579M) to <a href="https://twitter.com/hashtag/CoinbasePrime?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#CoinbasePrime</a> and 4,750 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$BTC</a>($189.8M) to new wallets again 10 mins ago.<a href="https://twitter.com/hashtag/Grayscale?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Grayscale</a> has deposited 93,700 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$BTC</a>($3.85B) to <a href="https://twitter.com/hashtag/CoinbasePrime?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#CoinbasePrime</a> since the <a href="https://twitter.com/hashtag/ETF?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#ETF</a> was passed.<br><br>And currently holds 519,399 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$BTC</a>($20.84B).<a href="https://t.co/M98mT25tml" target="_blank" rel="noopener noreferrer nofollow">https://t.co/M98mT25tml</a> <a href="https://t.co/ghbpPGeTxi" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/ghbpPGeTxi</a></p>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1750167124150993345?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">January 24, 2024</a>
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<p>The massive outflows seem to have <a href="https://crypto.news/bitcoin-dips-below-40k-amid-btc-etf-selloffs/" target="_blank" rel="noopener noreferrer nofollow">induced</a> sell pressure on BTC, as tokens are liquidated to match redemption demand.&nbsp;</p>
<p>Grayscale’s 1.5% ETF fee, the <a href="https://crypto.news/spot-bitcoin-etf-issuers-amendments-fees/" target="_blank" rel="noopener noreferrer nofollow">highest</a> of any issuer, attracted skepticism and scrutiny. It’s the highest fee any issuer charges for these spot BTC ETFs, but Grayscale CEO Michael Sonnenshein backed his firm’s decision to reduce the previous 2% cost slightly.</p>
<p>Sonnenshein said his company’s ETF is the largest, most liquid, and oldest spot BTC ETF on the market. The executive <a href="https://crypto.news/grayscale-ceo-most-spot-bitcoin-etfs-will-not-survive/" target="_blank" rel="noopener noreferrer nofollow">added</a> that other issuers, being new to the scene, posted fees as low as 0.21 to capture investors in a highly competitive marketplace.</p>
<p>Read more: <a href="https://crypto.news/grayscale-ceo-most-spot-bitcoin-etfs-will-not-survive/" rel="noopener noreferrer nofollow"> Grayscale CEO: Most spot Bitcoin ETFs will not survive </a></p>

BlackRock and Fidelity lead billion-dollar spot Bitcoin ETF race

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