Grayscale Bitcoin Trust (GBTC) officials defended high fees by pointing to the trust's history and management. Despite changes in the crypto market, GBTC has not been able to stop losing funds. Investors have been pessimistic about GBTC for a long time. ETF Analyst Eric Balchunas confirmed that this is the longest period of losses in global ETF history. Since the US government approved spot Bitcoin ETFs in January, outflows have continued unexpectedly.

GBTC has not been able to stop the outflow of funds despite changes in the cryptocurrency market. The trust's high fees compared to competitors may be a reason for its poor performance. When it was first released, Grayscale charged 1.5 percent, higher than the 0.2% average of other ETF issuers. Grayscale officials used the trust's history and management to justify the high fees. However, if funds continue to decrease, investors may not see the high cost as worth it. Industry experts are watching closely as Grayscale's popularity declines.

The recent performance of BlackRock IBIT reflects the changes in the Bitcoin ETF industry. This top Bitcoin ETF experienced a halt in new investments for the first time, indicating that investors may be losing interest in Bitcoin-backed assets due to market volatility. The future of investing in ETFs like GBTC seems uncertain as Bitcoin prices show negative trends.