But that data is a bit murky.
In reality, it’s usually just one ETF that drags down these daily numbers: Grayscale.
Why? Because they refuse to reduce their 1.5% management fee to compete with other offers, which are usually 0% for the first year, and around 0.25% p/y thereafter.
(So about 6x cheaper than grayscale?).
Good news: Grayscale can only bleed so many customers, for so long, before there’s nothing left to lose.
(At that point, the selling will stop → we’ll likely start seeing more daily net buying → which should help push Bitcoin to new all-time highs).
The takeaway:
Yes, the ETFs to appear to bleed now – but it’s really just shades of gray. The other funds are in excellent shape and rake in hundreds of millions a day.
Nice!
