Grayscale GBTC Bitcoin Holdings Have Halved Since the Launch of the US Bitcoin Spot ETF

Since the launch of the US Bitcoin ETF on January 11th, the amount of Bitcoin held by Grayscale's GBTC has decreased by half in about three months. At the start of Bitcoin ETF trading, GBTC held about 619,220 Bitcoins. Information disclosed by GBTC as of Monday showed that its Bitcoin holdings subsequently dropped by about 50% to around 311,621 Bitcoins, and its fees charged were much higher than those of competitors. For example, GBTC charges a fee of 1.5%, while IBIT, owned by BlackRock, currently charges a fee of 0.12%.