The U.S. Bitcoin Spot ETF Marks 50 Weeks Since Launch, BlackRock's IBIT Absorbs Grayscale GBTC Selling Pressure

BlockBeats News, December 29th, according to HODL15Capital data, the U.S. Bitcoin Spot ETF has been live for 50 weeks. The holdings of BlackRock's BIT have increased from 2621 BTC in the first week to 552,555 BTC, completely absorbing the selling pressure from Grayscale GBTC. Grayscale GBTC's Bitcoin holdings have decreased from 619,200 BTC in the first week to 206,860 BTC.

BlockBeats Note: Previously, the Grayscale Bitcoin Trust was the main gateway for investors to enter the Bitcoin market, accumulating a large amount of holdings before the launch of a spot Bitcoin ETF, with an initial holding of as high as 619,200 BTC. After transitioning to a spot ETF, it directly inherited its previous large asset base. GBTC's management fee (1.5%) is higher than that of other competitors, causing investors to redeem GBTC shares and switch to other ETFs after the launch of the spot ETF, leading to the phenomenon of the position transfer between BlackRock's BIT and Grayscale GBTC as mentioned above.