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BlackRock and Fidelity’s spot Bitcoin exchange-traded funds have emerged as major contributors to the companies’ overall ETF inflows this year.
Grayscale, which initially led the market with 620,000 BTC, has seen substantial outflows and currently holds 285,139 BTC, worth approximately $19.6 billion. Early players like Grayscale faced challenges such as selling pressure and high fees of 1.5%, compared to about 0.25% charged by newer competitors like Fidelity and ARK Investments. Nate Geraci of the ETF Store emphasized that Grayscale’s high fees deter advisors and investors.
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