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The bank says about $3b could exit the Grayscale Bitcoin Trust (GBTC) and migrate to the new spot ETFs as a result of investors taking profit after buying discounted GBTC shares in the secondary market in the last year. It also sees up to $20b from retail investors migrating from digital wallets held at crypto exchanges to the new ETFs.
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“A lot more capital, perhaps an additional $5b-$10b could exit GBTC relatively quickly to migrate towards cheaper spot bitcoin ETFs.”
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