Very interesting to see that most of this companies are using Coinbase exchange as their custodian, except VanEck using Gemini exchange and only Fidelity is using self-custody.
This tells you we still have long road ahead of us until people realize importance of self-custody and holding your own keys.
Shut down, compromise or hack Coinbase and most of this ETF's are gone.
ETF is still a win regardless of that downsides because it puts Bitcoin in the limelight. when we convert new investors to hardcore Bitcoin users, we can become more vocal about self custody and its benefits because I don't think mainstream investors are ready to custody their assets while dealing with things like security and their keys. I will be on the lookout for the Coinbase quarterly report for 2024. It should be really good since they custodian for a lot of ETF companies.
The withdrawal from Grayscale is not sell orders this means it is not that people are selling Bitcoin for fiat. It is just a transfer of ownership from FTX/Grayscale to BlackRock. Within a few months, we might start seeing the impact of the accumulation by these ETF providers on the price of Bitcoin.
The same way all the withdrawals from GrayScale are not sell orders is the same way all of them are not just transfers to other ETF companies. Some grayscale users might just be selling for profits like FTX has done in the last 2 weeks.