The post Bitcoin Spot ETF: How BlackRock’s BIT Surpassed Grayscale GBTC in Bitcoin Holdings appeared on BitcoinEthereumNews.com.

The latest data from HODL15Capital indicates that the U.S. Bitcoin Spot ETF has now been operational for a substantial 50 weeks. During this period, BlackRock’s BIT has remarkably increased its holdings from 2,621 BTC to an impressive 552,555 BTC. This surge in assets has effectively absorbed selling pressure stemming from Grayscale’s GBTC. In stark contrast, Grayscale’s Bitcoin holdings have plummeted from 619,200 BTC down to 206,860 BTC. The Grayscale Bitcoin Trust, once a primary entry point for investors into the Bitcoin ecosystem, saw a substantial accumulation of assets prior to the launch of the spot ETF, reflecting its dominant role. However, the shift to a spot ETF has transferred much of its asset base, exacerbated by Grayscale’s higher management fee of 1.5%. As a result, many investors are opting to redeem their GBTC shares to engage with other ETFs, contributing to this significant trend in position transfers. Source: https://en.coinotag.com/breakingnews/bitcoin-spot-etf-how-blackrocks-bit-surpassed-grayscale-gbtc-in-bitcoin-holdings/

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Filed under: News - @ December 29, 2024 6:37 am