Grayscale saw $2.8 billion in outflows after its Bitcoin Trust transitioned to an ETF, while competitors BlackRock and Fidelity, gained roughly $4 billion in inflows in new spot-bitcoin ETFs. Grayscale's GBTC is still the largest, with $22.9 billion in assets, but it has faced challenges since the SEC approved spot bitcoin ETFs. GBTC's conversion to an ETF reduced its discount significantly, but its fee reduction to 1.5% is still higher than competitors like BlackRock and Fidelity, who are offering even lower promotional fees. Bitcoin's price has declined by over 10% since the SEC's approval of the new ETFs.