Grayscale Bitcoin ETF fees to decrease over time, sees $12B outflows as investors exit

Grayscale CEO says fees for its bitcoin ETF (GBTC) will decrease over time as the market matures
GBTC has seen $12 billion in outflows recently due partly to its high fees compared to competitors
GBTC was previously the largest bitcoin ETF by assets under management among new US-listed funds
Sonneshein says outflows were expected as investors take profits, arbitragers exit, and positions are liquidated
Bankrupt crypto exchange FTX sold around $1 billion in GBTC shares after its conversion to an ETF format