Giant GBTC outflows, 9.5k #BTC.
Since ETF approval, 250,000 BTC have flowed out of Grayscale. This substantial sell pressure was mostly offset by other ETFs' inflows. We were overdue for a pullback, and yesterday, and likely today, outflows are in charge.
Nonetheless, large inflows to BlackRock!
Just capitulate already and lower the fees. We all know its going to happen 💁
Grayscale could keep their fee at 1.5% and drain the fund down to 40k bitcoin and still make as much as Blackrock with 300k bitcoin!
The best kept secret of Tradfi, fees! Ask anyone about how much they’re paying in fees within their 401k. ZERO percent know the answer.
How close does it have to get to 40k though before they change their minds?
They probably won’t. Looks like they will apply for something else https://www.grayscale.com/blog/general-updates/what-is-grayscale-bitcoin-mini-trust
Interesting to see the change in purchasing volume from Fidelity… 🤔
Must be time to pay back the twins
