Grayscale, which once frantically ate Bitcoin, has now become a source of selling pressure in the market. Behind this contrast lies the structural changes that are quietly taking place in the entire crypto market.

As a benchmark for institutional investors, Grayscale's every move affects the nerves of the market. But the recent position data is a bit interesting - Bitcoin holdings continue to shrink, while Ethereum is rock solid. The seemingly simple numerical change actually reflects the deep adjustment of asset attributes and market logic.

**GBTC's capital flight dilemma**

Grayscale's Bitcoin Trust GBTC is experiencing a wave of large-scale redemptions. Net outflows reached $175 million in a single day, and this is the fifth consecutive day of outflows.

The data is turned forward, and it is even more heart-wrenching. Since converting to a spot ETF in January 2024, GBTC's Bitcoin holdings have plummeted from a peak of 617,000 coins to only about 170,000 coins left - a drop of 72.45%. This number is telling enough.

The root cause is actually very straightforward: rates. GBTC's current management fee is as high as 1.5% a year, and compared to BlackRock's IBIT and Fidelity's FBTC, the rate is only 0.25%-0.39%.

In the world of investment, the expense ratio is the line of life and death. A gap of more than 1% is not a matter of numbers - in the eyes of traditional finance, this is basically equivalent to the difference in treatment of luxury goods and affordable goods. Investors vote with their feet, and no one can tell what is wrong.