BlackRock and Fidelity’s spot Bitcoin ETFs have already outperformed Grayscale Bitcoin Trust (GBTC) in two areas, according to JPMorgan analysts.
According to research conducted by JPMorgan, BlackRock and Fidelity ETFs are more likely than GBTC according to the Hui-Heubel ratio. a greater market breadth owner.
Another indicator that analysts emphasized was how much the closing price of ETFs deviated from the net asset value of the funds.
Accordingly, the deviation of the price of BlackRock and Fidelity ETFs relative to net asset value approached that of the SPDR Gold Shares ETF last week, and this is according to analysts. A significant improvement in liquidity It shows that it happened.
Compared to these two, the deviations in the GBTC fund are higher, to lower liquidity pointing out.
While these two indicators are not enough to fully understand the liquidity in the market, they do show that BlackRock and Fidelity ETFs are starting to outperform GBTC in some areas, according to JPMorgan analysts.
Analysts also say that if the fund management fee received from GBTC does not decrease, the fund will be withdrawn from the fund. more money can come out and noted that these may shift to other ETFs.