The CEO of Grayscale, Michael Sonnenshein, has revealed that the fees for the Grayscale Bitcoin Trust (GBTC) Bitcoin ETF will gradually decrease in the future. Sonnenshein mentioned that the fees will be reduced as GBTC experiences significant outflows exceeding $12 billion, a shift from their previous stance of defending the higher fees.

Grayscale's CEO, Michael Sonnenshein, announced that they are looking to decrease the fees for the GBTC Bitcoin ETF in the upcoming months. This decision comes as GBTC faces outflows while competitors like BlackRock and Fidelity gain more market share.

Sonnenshein stated in an interview with CNBC on March 18 that as the market matures, the fees for GBTC will decrease over time. He explained that fees are typically higher in the early stages and decrease as demand for the product grows and the market matures.

Since transitioning to a spot Bitcoin ETF, GBTC has seen net outflows of over $12 billion. Despite BlackRock iShares Bitcoin ETF receiving $451.5 million in inflows, GBTC experienced its largest outflow of $643 million on Monday, contributing to a total spot Bitcoin ETF outflow of $154.4 million.

Grayscale currently charges a 1.5% management fee for GBTC holders, which is notably higher than fees charged by competitors like BlackRock and Fidelity. In response to intense competition in the Bitcoin ETF market, VanEck has waived fees for its Bitcoin ETF.

Vetle Lunde, a senior analyst at K33 research, noted that GBTC still holds 368,600 BTC and anticipates stabilization in the future. Lunde highlighted that there are likely holders unaware of the substantial fee difference compared to other issuers.

Grayscale's shift in strategy from defending higher fees could impact Bitcoin ETF inflows and the price of BTC in the upcoming months. The current price of BTC stands at $62,891, showing an 8% decrease in the last 24 hours, with a trading volume surge of 62% indicating active position adjustments by traders. Analyst Markus Thielen previously forecasted a correction in Bitcoin and Ethereum prices, with a surge in meme coins.