JPM with the word on what killed the supposed BTC ETF bonanza.
It looks like GBTC investors who over the past year had been buying the GBTC fund at a significant discount to NAV to position for its eventual ETF conversion, have been taking full profit post ETF conversion by exiting the bitcoin space entirely rather than shifting to cheaper spot bitcoin ETFs.
We had previously estimated that up to $3bn had been invested into GBTC in the secondary market during 2023 in order to take advantage of the discount to NAV.