Bitcoin‘s price has rebounded to $40,195 after a recent low, with U.S. stock market opening times becoming increasingly significant for crypto investors this month. Interest in spot Bitcoin Exchange-Traded Funds (ETFs) remains high, and the Grayscale Bitcoin Trust (GBTC) is beginning to stabilize.
Following the launch of ETFs, GBTC investors, who had been anticipating a reversal of the long-standing negative premium, executed massive sell-offs. Grayscale maintained its management fee at 1.5%, notably higher than competitors charging as little as 0.3%.
Demand for ETFs other than GBTC is rising, with reserves continuing to grow. Excluding GBTC, total BTC reserves in ETFs reached 113,231 as of the last market close.
GBTC’s reserves decreased from 619,162 on January 10 to 536,695, but concerns are easing as major players like BlackRock and Fidelity alone have generated demand for approximately 80,000 BTC.
Experts predict that inflows into spot Bitcoin ETFs will continue until the end of the year, potentially increasing reserves. The total value of ETPs and other funds is currently around $30 billion, and CoinShares experts suggest that a 10% increase could push Bitcoin’s price to a new peak between $50,000 and $60,000. However, recent data indicates that reserves, excluding GBTC, have added over 100,000 BTC in just ten days, even though it’s been less than a week since ETF approvals. The first full trading week for spot Bitcoin ETFs is about to conclude, with expectations for growing interest in the coming weeks and months, as asset managers like Franklin, which manages over $1 trillion, signal early stages and the potential for spot Bitcoin ETFs to reach more investors.
