Grayscale's spot Bitcoin exchange-traded fund, converted from a trust, charging a 1.5% fee far above many rival Bitcoin ETFs.
US spot bitcoin ETFs took in about $2.39 billion from September 21 to 25, yet CryptoQuant's 30-day estimate of spot demand was still negative on October 1. Fund subscriptions alone cannot show that the rally has buyers beyond the ETF channel.
Reality
US spot Bitcoin ETFs have taken in about $3.1 billion over nine trading days, lifting their year-to-date net inflows to roughly $1 billion. Ether and Zcash funds slipped into small outflows after week-long inflow runs, in sums too small to show money leaving altcoins for Bitcoin.
Reality
September 3 brought $730.9 million and September 18 brought $433 million, so the other eleven sessions of the month netted a combined outflow near $850.3 million against a category holding about $102.5 billion.
Reality
IBIT took in about $1.08bn over 20 days while GBTC lost $254.7m. But 1.5% on $10bn still collects roughly $150m a year, the same as 0.25% on $60bn, so a cut would cost Grayscale more than the outflows do.
Reality
Eight sessions of net buying is the strongest evidence yet that the bid is institutional, but daily size has fallen 62% from the peak and 72% of the money came from a single fund.
Reality
Grayscale's ZCSH lists on NYSE Arca on or about Aug. 25 with Jane Street and Virtu as authorized participants. The premium band goes. The sponsor fee does not.
Reality
Roughly 84 percent of the disclosed stake sits in BlackRock's IBIT, a fund Jane Street helps quote. That makes its book a price input, not just a position.
Reality