"We are skeptical of the optimism shared by many market participants at the moment that a lot of fresh capital will enter the crypto space as a result of the spot bitcoin ETF approval," analysts led by Nikolaos Panigirtzoglou wrote.
Grayscale's high fees could also trigger outflows, and unless it lowers its rates toward the level set by Blackrock (BLK) and other providers, "a lot more capital, perhaps an additional $5 billion-$10 billion could exit GBTC relatively quickly to migrate towards cheaper spot bitcoin ETFs," the bank added.
#spot-bitcoin-etfs #fresh-capital #rotation-of-funds #grayscale-bitcoin-trust #retail-investors #fees
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