To tell a ghost story, Grayscale has a total of more than 600,000 BTC GBTC, which has been trapped at a super discount for 4 years. Now it can be redeemed at a fair price and at the same time enjoy the rise of Bitcoin. What will these investors choose?
On the first day of spot ETF listing, Grayscale GBTC transaction volume was US$2.3 billion, accounting for half of the total transaction volume of 4.6 billion. Grayscale has the most expensive handling fee among the 11 institutions, as high as 1.5%, and the others are mostly 0.25%-0.5 %, this almost means that all GBTC was converted into ETFs, which must not be incremental funds, and the trading volume of 2.3 billion is only 50,000 coins, which is less than 10% of the total market. Although these goods Not everyone may sell, but selling pressure is inevitable and will last for a period of time. You can imagine how difficult it is to reach 50,000 in the short term.
If you subtract the 1 billion from BlackRock (BlackRock also used the existing Bitcoins in exchange for ETFs, non-incremental), there will be only 1 billion in transactions left, of which ARK and Fidelity account for After reaching 1 billion, we can basically judge that the increment from the Bitcoin spot ETF on the first day is very small. We think that the ETF will be great forever after it is approved. Shouldn't we face the possibility of a short-term correction?
