I set my buys a bit too low oh well
40,404
39,398
Maybe we get these.
Maybe not.
There's this theory by British Hodl that the big buyers are on the sidelines with a few billions waiting for GBTC to bleed out completely. The commission is 1.5% yearly, while the new ETFs have undercut each other and the cheapest of the lot are at 0.15% - one tenth of GBTC's management fee. So GBTC customers will get out of there to get in some cheaper ETF. The buyers are just waiting for this wave of sell orders to reach a price bottom.
Here's the British Hodl guy explaining this in 17 minutes on YouTube:
https://www.youtube.com/watch?app=desktop&v=reELJVofC3IA thank you goes to @cAPSLOCK for pointing me to it.
Who's at 0,15%? Cheapest that i know of is Franklin EZBC at 0,19%
Looks like GBTC had to sell another ~2.000BTC on the 12th or another day of -$88MM outflows, don't have inflow data for the 12th for other ETFs, anyone has a convenient source? There's still over 617k BTC in GBTC hopefully after first week majority would wash trade into other ETFs to save on the fees.
Some of the new ETFs have waived their fees down to 0% with either a temporal horizon (Come in! First year free!) or a capitalization threshold (Come in! Free until we reach x billions). The linked video details some of them.