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JPMorgan ‘s report, published on Wednesday, highlights that Blackrock and Fidelity’s spot Bitcoin exchange-traded funds (ETFs) have a liquidity advantage compared to Grayscale’s GBTC.
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The report mentions that although outflows from Grayscale’s GBTC have slowed down in the fourth week since SEC approval, the fund is still expected to experience outflows to the newly launched ETFs, particularly those from Blackrock and Fidelity. This shift can accelerate if there is no significant reduction in fees.
Grayscale’s high fees compared to the spot Bitcoin ETFs further emphasize the competitive advantage of the latter. However, it’s worth noting that Grayscale’s fees are still considered high relative to its competitors.
JPMorgan analysts emphasize that Blackrock and Fidelity ETFs already have an advantage over GBTC in terms of liquidity metrics. Notably, the bank’s Hui-Heubel ratio-based market depth representation shows that Blackrock and Fidelity ETFs exhibit significantly more market depth than GBTC.
The report also includes a measurement based on the “average absolute deviation” of ETF closing prices from NAV (net asset value). This measurement, conducted last week, indicates a significant improvement in the liquidity of Fidelity and Blackrock spot Bitcoin ETFs, while deviations for the GBTC ETF remain high, implying lower liquidity.
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