Exactly. It's currently a drop in the ocean. As predicted by much of the media, it's barely relevant, much like when Bitcoin Futures initially launched. The interest was almost non-existent.
I am seeing some data that contradicts this. Like the fact the Bitcoin ETFs pulled in over 1.2Billion in the first 30 minutes of trading. This is nothing like the futures launch. At least not yet. I suppose if the inflow stops there it could cool down?
And:
https://twitter.com/JoeConsorti/status/1745527450358989212
This just tells me that all of those speculators that poured over 3% of all BTC in existing [619,162.0971] and got caught in GBTC discount with a 2% annual fee, can finally close their positions without paying steep discount. GBTC still has the nerve to charge the remaining idiots 1,5%/yr fee. Inflows into other funds seem to offset the dismantling of GBTC, watch their AUM closely.
jee....IF your investment is either 50% over or under NAV (both happened to GBTC in 2015-2023), how important was that 2% fee?
GBTC had a SPECTACULAR return since 2015 in fiat only accounts..nothing else was even close.
GBTC is up 13056% since Sept 28, 2015, with NVDA up 8796%
Bitcoin did better, of course, but you couldn't have held it in tax advantageous accounts, unless you used some specialized IRAs that have VERY high fees per tx.
That said, of course, in a LONG run you would lose a bit more in GBTC to fees now as there are less expensive options available.
Anyone switching from GBTC to other funds needs to see what those other funds are trading at in relation to their NAV: not an advice..this is what I plan to do.
This and see which ETFs would offer options; among those, GBTC, IBIT and FBTC probably will.
My bitcoin is practically not for trading, but I have no such qualms about ETFs.
