TechFlow reports, according to data from HODL15Capital, BlackRock's spot Bitcoin ETF $IBIT has surpassed Grayscale's GBTC in Bitcoin holdings, with 288,670 BTC compared to 287,450 BTC.
It noted that on January 10, 2024, Grayscale held 620,000 bitcoins—over 3% of the circulating supply—but refused to lower its fees (1.5% versus peers’ 0.2%). Despite investor withdrawals exceeding 330,000 bitcoins, the so-called "differentiation" strategy appears ineffective.
Earlier report, Grayscale removed the term "world’s largest" from its GBTC description, likely due to BlackRock's IBIT nearing dominance.
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