Bitcoin Prices Drop 15% as $3B Exits Grayscale Trust for New Spot ETFs
• Bitcoin has dropped 15% since launch of spot ETFs last week, with $1.5B exiting Grayscale Bitcoin Trust (GBTC) • GBTC investors had been buying at discount to position for ETF conversion, now exiting entirely • JPMorgan estimates additional $1.5B may still exit GBTC, putting further pressure on bitcoin prices • GBTC fees still too high at 1.5% compared to spot bitcoin ETFs, risking further outflows • $3B has flowed into other spot bitcoin ETFs in 4 days, mostly rotations from existing bitcoin vehicles