BlackRock and Fidelity bitcoin ETFs already ahead of GBTC in two liquidity metrics, says JPMorgan | Headlines | News | CoinMarketCap
02/08/2024 14:22
The spot bitcoin exchange-traded funds of BlackRock and Fidelity already have an edge over Grayscale Bitcoin Trust (GBTC) — the largest fund by …
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Published on February 08, 2024 07:05 GMT+00:00edited on February 08, 2024 07:09 GMT+00:00
The spot bitcoin exchange-traded funds of BlackRock and Fidelity already have an edge over Grayscale Bitcoin Trust (GBTC) — the largest fund by assets under management — at least in two liquidity metrics, according to JPMorgan.
The first metric is JPMorgan's proxy for market breadth, based on the Hui-Heubel ratio. This metric is lower for BlackRock and Fidelity ETFs by around four times, implying that these two ETFs show significantly more market breadth than GBTC, JPMorgan analysts led by Nikolaos Panigirtzoglou wrote in a report on Wednesday.
The second metric is based on measuring how much ETF closing prices deviate from their net asset value on average. This metric suggests that the ETF price deviation from the NAVs of the Fidelity and BlackRock spot bitcoin ETFs approached that of …