The Importance of Bitcoin ETF Water Management

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[Relaxing moment] Bitcoin ETF has a single-day net outflow. Why is ETF water management so important?

Hello everyone! Today we will talk about the inflow and outflow of Bitcoin ETF. Why should you care? Because Bitcoin spot ETFs are the most important channel for U.S. stock funds to invest in cryptocurrencies. As long as there is no major trend reversal in this water pipe, Bitcoin's performance will not be too bad.

At present, 10 ETFs (excluding Grayscale) led by BlackRock and Fidelity have purchased more than 500,000 Bitcoins, bringing more than 30 billion US dollars inflow to the industry, and you have to know that these are all real money. oh!

However, Grayscale’s GBTC investors continue to redeem BTC, which is known as “outflow”. Including the outflow of GBTC, the net inflow of 11 ETFs still exceeded US$12 billion.

So, why does Grayscale keep leaking? There are two reasons: one is the demand for migration, because Grayscale’s management fee is very expensive, the annual management fee is 1.5%, while other institutions generally charge 0.2%-0.25%; the other is the demand for exit, Grayscale was established very early, $GBTC The average investor's opening position is about $27.8, and the current price is $57.4, which has doubled.

How big has the selling pressure been on GBTC recently? On March 18, GBTC withdrawals broke the record, with 640 million US dollars withdrawn in one day, resulting in one of the few net outflow days in the history of BTC ETF, with the net outflow amount reaching 150 million US dollars. This may also be an important reason for yesterday's sharp drop.

So how was last night (March 19th)? Grayscale once again redeemed 440 million US dollars in BTC, while BlackRock was slightly weak, with only 75 million US dollars flowing in, resulting in an outflow of 300 million US dollars, which was larger than yesterday.

Finally, pay attention to emotions and data. Treasures are often hidden in the moment of change. Wishing you all a smooth landing and a finger on the pulse. Welcome to share your views on Bitcoin ETFs in the comment area, and we look forward to interacting with you!