Grayscale’s GBTC saw a capital outflow of up to $590 million on its third day of listing, totaling $1.169 billion so far. Additionally, Grayscale transferred 9,000 bitcoins to Coinbase last night.
(Prior Summary:
Bloomberg analyst: BlackRock Bitcoin Spot ETF “trades more than” the total of 500 new ETFs last year
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(Background Supplement:
Did Grayscale GBTC’s dumping cause the Bitcoin crash?
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The U.S. Bitcoin spot ETF achieved impressive results in its first three days of listing. According to Bloomberg ETF analyst, the total trading volume has approached $10 billion, with a net inflow of over $800 million in the first two days.
It seems that GBTC is still being redeemed. According to BitMEX Research statistics, GBTC saw a capital outflow of $590 million on the third day, bringing the total outflow to $1.169 billion.
If these outflows do not flow into other Bitcoin spot ETFs (Grayscale charges a higher fee of 1.5% compared to other issuers), it is not a good sign for Bitcoin’s continued rise.
Source: BitMEX Research
Grayscale transfers 9,000 bitcoins again
Meanwhile, according to Arkham data, Grayscale’s GBTC trust account transferred another 9,000 bitcoins to Coinbase last night, worth $385 million. Combined with the previous transfer of 4,000 bitcoins, a total of 13,000 BTC (worth approximately $585 million) has been transferred.
Currently, Arkham’s statistics show that Grayscale’s GBTC still holds 617,000 BTC, valued at approximately $26.65 billion.
U.S. Bitcoin ETF vs. European Bitcoin ETP/ETN
In addition, the four largest European Bitcoin ETPs have seen an outflow of $61.4 million in the past two days. This indicates that funds seem to be shifting from high-fee European ETPs to low-fee U.S. ETFs. Previously, Patrick Hansen, the EU Strategy Director of Circle, compared the two from the perspectives of cost and security and concluded that the U.S. Bitcoin spot ETF is more attractive:
The fees of U.S. Bitcoin ETFs are lower than those of EU ETFs (UCITS). The average fee for the top 10 EU ETPs/ETNs is 1.047%, while the average fee for the top 10 U.S. Bitcoin ETFs (excluding GBTC) is 0.451%, less than half.
European ETPs and ETNs are structured as debt securities, exposing investors to bankruptcy risks. In contrast, investments in ETFs are protected, and capital is not lost due to the issuer’s insolvency.
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