150,000 Bitcoin: record-breaking collection for ETFs.

In the last few days, nine new Bitcoin spot ETFs launched in the United States have gathered over 150,000 BTC, equivalent to approximately $6.5 billion, in just 13 days of trading, marking a significant shift of capital in the sector. Among these, BlackRock's ETF (IBIT) stood out, surpassing the overall management of all Canadian Bitcoin ETFs with an amount of 56,621 BTC.

Simultaneously, Grayscale's GBTC fund has seen a decrease in its market share, dropping to 36% in terms of trading volume. This decline has been accompanied by net outflows totaling $5.5 billion since the new ETFs were launched on January 11.

The battle of management fees for ETF fund managers continues. Invesco and Galaxy have announced new reductions for their Bitcoin spot ETFs, lowering the annual fee from 0.39% to 0.25%. This move, aimed at improving fund competitiveness, aligns them with the costs of most of their competitors. It's worth noting that Invesco has also introduced a complete fee waiver on assets up to $5 billion for the first six months of the operation of their BTCO fund.

These dynamics reflect the early stages of maturation and diversification in the crypto ETF market, driven by market participants' sensitivity to fees and fund performance. With IBIT surpassing Canadian ETFs and the competitive pressure exerted by fee reductions, it's clear that the market is in an emerging phase of competition. In this context, opportunities and challenges arise from the entry of new players and the restructuring of existing products. Despite their complexity, these developments can offer institutional investors new avenues for regulated and structured exposure to Bitcoin.