A recent report by Bernstein Research states that there is potential for a compliant Bitcoin ETF to grow, solving the issues of custody and making it more accessible to both institutional and retail players. The report notes that Grayscale’s Bitcoin Trust (GBTC) currently constitutes only 3% of Bitcoin’s market cap, and that if BlackRock and other asset managers enter the market with a spot Bitcoin ETF, it would offer a more convenient and acceptable product. The report also suggests that the current annual fee for GBTC is 2%, leaving room for pricing alignments with traditional ETFs that are considerably cheaper.

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