Factomind CSO "GBTC trading volume on previous day, other ETFs likely to 'switch'".

"If there were no net inflows into the Grayscale Bitcoin Investment Trust (GBTC) fund on the 11th (local time), most of the ETF trading may have been out of GBTC into other ETFs with lower fees, and there may have been very little actual net inflows into the spot ETF," Nathan, Chief Strategy Officer at web3 market solutions provider Factomind, analyzed on X (formerly Twitter). "It is irrational to hold GBTC with a high 1.5% management fee to hold the same amount of bitcoin. Therefore, we expect investors to engage in 'switch' trades, selling GBTC and buying other ETFs." The first day of trading for spot bitcoin ETFs on November 11th saw a total of $4.6 billion in trading volume, with Grayscale's GBTC accounting for $2.1 billion of that volume.