Just a few days before the halving, one of the most important building blocks of the Bitcoin blockchain, the number of Bitcoins held by Grayscale, one of the most important companies in the cryptocurrency world, seems to have halved!
Grayscale, which has been selling GBTC, a Bitcoin fund, to its customers for many years and converted this fund into an ETF as of January 11, is experiencing a major sales wave. Grayscale, which had 619 thousand Bitcoins (in return for this fund) on January 11, when GBTC, the Bitcoin fund of the same name, was opened for transactions, has largely lost its market share due to the large sales…
Moving to BlackRock and Fidelity
Grayscale’s market share, whose number of Bitcoins decreased by half, also decreased from 100% (as it is the only ETF in this field) to 37%. Experts state that the funds originating from Grayscale entered other funds, especially BlackRock and Fidelity. With a transaction fee of 1.5 percent, Grayscale provides a much more expensive service than other ETF issuer companies. It is stated that this situation has a large share in the outflows.
The market share for BlackRock’s IBIT ETF, whose transaction fee is 0.12%, is 32% and for Fidelity’s is 17%.
The number of Bitcoins held by all ETFs is around 840 thousand. This figure is more than 4% of the total Bitcoin supply…
Hong Kong is eagerly awaited
As it is known, Hong Kong, an economic autonomous region affiliated with China, approved spot Bitcoin and Ether ETFs yesterday. Analysts claim that ETFs in Hong Kong will also face great interest, especially from small investors.
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Source: https://uzmancoin.com/grayscale-bitcoin-etf-kripto-azaldi/
