Spot bitcoin ETFs raised almost $1 billion in the first two days of trading, according to data from CoinShares. The leader was the investment company BlackRock, which raised $508 million, and Fidelity came in second place with $442 million. At the same time, Grayscale, which manages the largest bitcoin fund in the world, faced an outflow of funds in the amount of $579 million. The outflow of funds from Grayscale can be explained by several factors. Firstly, investors may have decided to lock in profits after the sharp rise in the value of bitcoin. Secondly, Grayscale traded as a closed-end fund, which limited the ability of investors to sell their assets – they could only do this on the over-the-counter market and often at a large discount to the value of bitcoin. Finally, Grayscale's 1.5% commission was higher than that of its competitors, which could also influence investors' decision. And when Grayscale became liquid, this led to pressure on sellers from the company, which could also accelerate the outflow of funds.
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