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Home»ADOPTION NEWS»JPMorgan said the BlackRock and Fidelity Bitcoin ETF is already ahead of GBTC on two liquidity metrics.
ADOPTION NEWS

JPMorgan said the BlackRock and Fidelity Bitcoin ETF is already ahead of GBTC on two liquidity metrics.

By Crypto FlexsFebruary 8, 20243 Mins Read
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JPMorgan said the BlackRock and Fidelity Bitcoin ETF is already ahead of GBTC on two liquidity metrics.
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Funding • February 8, 2024 2:05 AM EST

Posted 5 minutes ago In ~

BlackRock and Fidelity’s spot Bitcoin exchange-traded funds already have an edge over Grayscale. Bitcoin BTC

+3.52%
Trust (GBTC), the largest fund by assets under management, is rated on at least two liquidity metrics, according to JPMorgan.

The first indicator is JPMorgan’s proxy for market breadth based on the Hui-Heubel ratio. This indicator is about 4 times lower for the BlackRock and Fidelity ETFs. This means these two ETFs exhibit much broader market breadth than GBTC, JPMorgan analysts led by Nikolaos Panigirtzoglou wrote in a report Wednesday.

The second metric measures how far the ETF’s closing price deviates from its average net asset value. This indicator suggests that the ETF’s price deviation from the NAV of the Fidelity and BlackRock spot Bitcoin ETF has been close to the NAV of the SPDR Gold Shares ETF in most recent weeks, indicating a significant improvement in liquidity, analysts said. Meanwhile, the GBTC ETF’s variance remains high, indicating low liquidity, the analysts added.

Although these two metrics do not capture all aspects of market liquidity, especially market depth, there is already evidence that BlackRock and Fidelity’s Bitcoin ETF has an edge over GBTC on certain liquidity metrics related to market breadth, analysts noted.

Analysts also noted that if GBTC fees are not reduced, there will likely be more outflows from the fund and losses to other ETFs, particularly BlackRock and Fidelity’s Bitcoin ETF.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

About the author

Yogita Khatri is a senior reporter at The Block, covering all things cryptocurrency. As one of the original team members, Yogita has been instrumental in breaking countless stories, exclusive articles, and scoops. With nearly 3,000 articles under his belt, Yogita holds the record for being The Block’s most published and most read writer of all time. Before joining The Block, Yogita worked at cryptocurrency publications CoinDesk and The Economic Times, where she wrote about personal finance. To contact her, please send her email: (email protected) To see her latest works, follow her on X @Yogita_Khatri5.
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