It has been almost two weeks since the SEC approved Bitcoin ETFs and we now have some data on the 10 ETFs that have been trading since then.
The two biggest and oldest names in finance are leading the way: BlackRock and Fidelity. Each fund has attracted more than $1 billion in inflows.
But the company that led the push for the Bitcoin ETF, Grayscale, is actually doing the worst. The Grayscale Bitcoin Trust (GBTC) has seen $2.8 billion in outflows since the fund converted to an ETF on January 11.
The cause seems to be around fees. Grayscale has the highest fees even after reducing its 2% fee to 1.5%. Some of the new funds have an introductory offer of no fees. It also seems that FTX has contributed here with the bankrupt crypto platform selling most of its $597 million of GBTC.
Grayscale is still the 800-pound gorilla in the space with $22.9 billion in assets. How long it stays as the leader remains to be seen.
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Grayscale Led the Fight for Bitcoin ETFs. Now Its Fund Is Bleeding Billions.
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The crypto giant’s $23 billion fund has the most to lose.
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