JPMorgan: BlackRock and Fidelity Bitcoin ETFs have outperformed GBTC in two liquidity metrics

J.P. Morgan analysts stated that at least in two liquidity indicators, BlackRock and Fidelity's spot Bitcoin ETFs have been leading ahead of Grayscale's GBTC. The first indicator is J.P. Morgan's market breadth indicator based on the Hui-Heubel ratio. This indicator for BlackRock and Fidelity ETFs is about four times lower, which means that the market breadth of these two ETFs is significantly larger than GBTC. The second indicator is based on measuring the average deviation between an ETF's closing price and its net asset value. Analysts indicated that this indicator shows that in the past week, deviations between prices and net asset values for Fidelity and BlackRock spot Bitcoin ETFs were close to those of SPDR Gold Shares ETF, indicating a significant improvement in liquidity. At the same time, analysts added that deviations for GBTC ETF are still high, indicating lower liquidity levels.