BTC spot ETFs like BlackRock and Fidelity are unlikely to surpass GBTC assets under management in the near term

"Bitcoin spot ETFs such as BlackRock and Fidelity are unlikely to surpass Grayscale's GBTC assets under management in the near term," said Matteo Greco, an analyst at fintech and blockchain investment firm Fineqia International, according to Blockworks. "GBTC has been around for over eight years, has a competitive advantage, relatively high liquidity and tight spreads. It is likely to remain the 'largest' bitcoin spot ETF by assets under management for some time." On the other hand, Morningstar analyst Bryan Armour believes that "once buy-side and sell-side order flow balances out after the special launch period, reliance on GBTC will decline. Meanwhile, cumulative net outflows since GBTC's conversion to a spot bitcoin ETF have exceeded $4 billion. As of 12:00pm on the 24th, GBTC had approximately $21 billion in assets under management.