50 weeks after the US spot Bitcoin ETF was launched, BlackRock IBIT fully absorbed the selling pressure of Grayscale GBTC

According to HODL15Capital data, the US spot Bitcoin ETF has been online for 50 weeks. The position of BlackRock IBIT has increased from 2621 coins in the first week to 552555 coins, completely absorbing the selling pressure of Grayscale GBTC. Grayscale GBTC's Bitcoin holdings have decreased from 619200 coins in the first week to 206860 coins. Note: Grayscale Bitcoin Trust Fund was previously the main way for investors to enter the Bitcoin market. It had accumulated a large number of positions before the launch of the spot Bitcoin ETF, with an initial holding of up to 619200 BTC. After its transformation into a spot ETF, it directly inherited the previous large asset base. GBTC's management fee (1.5%) is higher than that of other competitors, which caused investors to redeem GBTC shares and turn to other ETFs after the launch of the spot ETF, forming the phenomenon of the position flow between BlackRock IBIT and Grayscale GBTC mentioned earlier.