JPMorgan’s study reveals that BlackRock’s and Fidelity Investments’ spot Bitcoin exchange-traded funds (ETFs) have emerged as frontrunners in liquidity metrics, surpassing the long-established Grayscale Bitcoin Trust (GBTC).

This revelation comes while the market has witnessed intense competition for investors’ attention among ETF issuers.

BlackRock, Fidelity Take Over Grayscale

BlackRock’s iShares Bitcoin Trust (IBIT) and the Fidelity Wise Origin Bitcoin Fund (FBTC), both newcomers in the arena, have shown superior performance in liquidity evaluations. JPMorgan strategists used the Hui-Heubel ratio for this analysis, which measures how market prices react to trading volumes. It also compares ETFs’ closing prices with their net asset values.

The findings suggest that BlackRock and Fidelity’s offerings are more adept at maintaining price stability in response to trades, a key market depth indicator.

Specifically, the Hui-Heubel liquidity ratio for these Bitcoin ETFs was significantly lower, indicating a broader market breadth. This aspect is crucial for investors seeking reliable and efficient trade execution without causing substantial price disruptions.

“We find evidence that the BlackRock and Fidelity Bitcoin ETFs have already an advantage versus the Gray

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Author: Harsh Notariya

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