Bitcoin Bulls Buoyed by FTX’s $1B GBTC Sale

Institutional Investors Pouring into Bitcoin ETFs: Are They Really Bulls or Just Bears in Disguise?

In just a short time span, new spot exchange-traded funds (ETFs) have managed to accumulate an impressive 94,000 bitcoins, equivalent to approximately $3.9 billion in assets under management (AUM) as of January 19th. However, skeptics argue that a significant portion of these assets may simply be a result of GBTC holders transferring their investments into these new funds, driven by lower management fees. GBTC charges a hefty 1.5% management fee, making it at least one percentage point more expensive than most of the newly established ETFs.