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Bitcoin halving has taken place, and we have not yet experienced the rapid declines that cryptocurrency investors feared. The largest spot Bitcoin ETF issuer, Grayscale, is making a new move. This move, which has caught the attention of Bloomberg ETF analyst Eric, could be a good alternative for investors. Here are the details.
Coming Soon: GBTC Mini Version
Grayscale Investments announced that a mini version of the Grayscale Bitcoin Trust (GBTC) exchange-traded fund will soon be launched. The new fund will allow investments at much more attractive rates than the current GBTC transaction fees. In fact, Grayscale also announced that it will have the lowest transaction fee among all spot Bitcoin ETFs.
Bloomberg ETF analyst Eric Balchunas recently shared his assessment on social media, stating;
“These are pro-forma financials and therefore hypothetical.”
This means that investors should not yet set their expectations based on details that are still open to revision on paper.
“The good thing is that they needed to set a transaction fee. They decided on 15bps, which is interesting.”
Application documents submitted to the United States Securities and Exchange Commission state that the transaction fee for the Grayscale Bitcoin Mini Trust (BTC) has been set at 0.15%. For GBTC, these fees are 1.5%.
Will Cryptocurrencies Rise?
The loss of interest in the ETF channel was related to bankruptcies, macroeconomics, and regional tensions. However, we are seeing these issues gradually being resolved. On April 19, ETFs saw net inflows again. The latest step by GBTC can also be considered positive for demand in the ETF channel.
Apollo’s CEO, Thomas Fahrer, recently stated on his social media account that Grayscale needs to balance major GBTC outflows by offering a “cheap” alternative.
“Since the launch of Grayscale, they have lost 315,000 BTC in outflows and need to close this gap.”
Since the launch date of January 11, GBTC investors have made net sales of $16.73 billion. However, despite this, all spot Bitcoin ETFs have seen over $12 billion in net inflows. Thus, a significant portion of investors did not completely abandon BTC with the sale of GBTC. If the expected rapid rise period begins in the coming months, the FOMO in the ETF channel could yield impressive results.
