Spot Bitcoin (CRYPTO: BTC) exchange-traded funds (ETFs) offered by BlackRock Inc. (NYSE: BLK) and Fidelity are outperforming Grayscale’s GBTC. That’s according to a JPMorgan research report cited by Coindesk on Wednesday. Grayscale’s GBTC (OTC: GBTC) will likely struggle against competitors despite a slowdown in outflows. Grayscale, known for having the highest fees among spot Bitcoin ETF issuers, lowered its management fee from 2% to 1.5% with its transition to a spot Bitcoin ETF. Still, it is costlier than its counterparts. The report, led by analyst Nikolaos Panigirtzoglou, highlights two k…

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