Yesterday, ETF institutional data totaled a net outflow of US$326 million, and the outflow rate rarely accelerated. The most noteworthy among them is that the outflow volume of Grayscale GBTC is as high as 443.5 million U.S. dollars, while the inflows of BlackRock IBIT and Fidelity FBTC are 74.4 million U.S. dollars and 36.9 million U.S. dollars. Affected by the continued net outflow data, Grayscale CEO made it clear today that it will reduce the fees of the Bitcoin ETF in the next few months.
Uncle San believes that it is appropriate and necessary for Grayscale to reduce costs at present. Regardless of GBTC data, some ETFs, including BlackRock, have been experiencing net inflows of funds, indicating that retail investors remain relatively open and willing to participate in the crypto market for the time being. The high fee rate of GBTC is one of the core reasons for its continued net outflow, and after GBTC fee reduction, Sanshu believes that a new round of fee reduction competition among institutions will also begin, which will lead to further strong entry sentiment among retail investors.