According to HODL15 Capital data, the US spot bitcoin ETF has been online for 50 weeks, and BlackRock IBIT's holdings have risen from 2621 in the first week to 552555, fully absorbing the selling pressure of grey release GBTC. Grey release GBTC's bitcoin holdings fell from 619,200 in the first week to 206,860. Note: The grey release bitcoin trust fund was previously the main way for investors to enter the bitcoin market. Before the launch of the spot bitcoin ETF, it had accumulated a large number of positions, with an initial position of up to 619,200 BTC. After transforming into a spot ETF, it directly inherited the previous huge asset base. The management fee of GBTC (1.5%) was higher than that of other competitors, which led investors to choose to redeem GBTC shares and turn to other ETFs after the launch of the spot ETF, forming the phenomenon of BlackRock IBIT and grey release GBTC position convection.