But that data is a little murky.
In reality, it’s mostly just one ETF that’s pulling those daily numbers down: Grayscale.
Why? Because they refuse to lower their 1.5% management fee to compete with other offerings, which are mostly 0% for the first year or so, then in the realm of 0.25% p/y.
(So, like 6x cheaper than Grayscale?).
Good news: Grayscale can only bleed so many customers, for so long, before there’s no more to lose.
(At which point the selling will stop → we’ll probably start seeing more daily net-purchasing → which should help to push Bitcoin to new all-time-highs).
The takeaway:
Yeah, the ETFs appear to be bleeding right now — but it’s really just Grayscale. The other funds are in great shape, pulling in hundreds of millions per day.
Nice!
