Bitcoin ETFs: biggest outflow from Grayscale yet. Nobody else selling even during market rout days.
And here is the final daily breakdown: in a day when GBTC saw record liquidations (to meet bankruptcy obligations of Genesis and others) and when bitcoin tumbled, Blackrock's IBIT saw a surge of inflows. ETF demand is relentless and price indiscriminate
They still have ~25B under management vs 16B Blackrock, 9B Fidelity at ~12x fees. So they are still massively profitable relative to the competition. I'm sure they've done the math on how many people are trapped not wanting to be taxed on their gains.
Pretty incredible how much they were making off of the original GBTC.
I wonder how much they were making off fees alone?
If nothing changed inflow/outflow...
GBTC - 25B x 1.5% = 375 million annual fees.
Blackrock - 16B x 0.12% = 19.2 million annual fees.