Bitcoin ETFs attracted $26.7 billion in 11 days, while Grayscale "dragged its feet"

Grayscale and BlackRock's Bitcoin ETF products have been in a "race for first place" in terms of daily net inflows in the short history of their trading days.

Analysts believe that the reason for the large outflow of funds from Grayscale GBTC is that early investors are redeeming and profiting from the product's conversion from a Bitcoin trust to a Bitcoin ETF. In addition, GBTC's management fee, which is higher than that of similar products on the market, may also trigger a change of hands by early investors. Their redemptions lead to outflows, and Grayscale must sell the Bitcoin it manages to process redemption requests.