GBTC
Grayscale Bitcoin Trust
7월 28일 1:06 PM ET (한국 7/29 02:06)
$50.28
+0.56 ▲ +1.13%
GBTC ETF is analyzed across 10 metrics including expense ratio, holdings, sector allocation, dividends, RSI, and MACD.
Total Expense Ratio
1.5%
Annual operating cost
Net Assets (AUM)
$8.6B
약 12조원
Holdings
1 items
Dividend Yield
-
Management Style
Passive
| Category | Other Asset Types - Multi-Asset / Other | Asset Type | CryptoCurrency | Return% 1Y | -46.63% | Total Holdings | 1 | Perf Week | -0.34% |
| ETF Type | Global Cryptocurrency | Active/Passive | Passive | Return% 3Y | - | AUM | $8.6B | Perf Month | 9.54% |
| Expense | 1.5% | NAV | $49.71 | Return% 5Y | - | 52W High | -49.27% | Perf Quarter | -16.71% |
| Dividend TTM | - | Div Gr. 3/5Y | - | Return% 10Y | - | 52W Low | 11.78% | Perf Half Y | -27.99% |
| Flows% 1M | -3.73% | Flows% YTD | -20.11% | Return% SI | 8.23% | Volatility(W/M) | 1.47% 2.25% | Perf YTD | -26.45% |
| SMA20 | 2.26% | SMA50 | -2.35% | SMA200 | -19.68% | RSI (14) | 51.08 | Beta | 2.17 |
| IPO | 2024/1/11 | Prev Close | $49.72 | Perf Year | -45.27% | Avg Volume | 1.93M | Price | $50.28 |
Grayscale Bitcoin Trust (GBTC) Investment Analysis
ETF Overview
Grayscale Bitcoin Trust · Other Asset Types - Multi-Asset / Other
암호화폐형 — 비트코인·이더리움 등 암호화폐 노출
2024년 상장, 2년 운영 중.
Grayscale Bitcoin Trust는 신탁이 보유한 비트코인(Bitcoin)의 가격 성과(신탁 부채 및 예상 비용 차감 후)를 추종하고자 합니다. 비트코인 현물 가격을 반영하는 투자 수단으로서 투자자들이 직접 비트코인을 보유하지 않고도 비트코인 가치 변동에 참여할 수 있도록 설계되었습니다.
📘 GBTC ETF 자세히 알아보기 →Globalcrypto-spotcryptobitcoin
- 규모
- $8.6B 약 12조원
- 운용사
- Grayscale
- 운용 방식
- 패시브 (지수 추종)
- 상장일
- 2024년
Cost Efficiency
Annual Expense Ratio · Category Rank · Long-Term Cost Impact
Above-average cost — 1.5% annually
Expense ratio is higher than the Other Asset Types - Multi-Asset / Other median. Compare against similar ETFs.
Effective Annual Expense Ratio (Net Expense Ratio)
하위 25%1.5%
My positionBottom 25%
Low range Average High range
Actual Cost Simulation by Investment Amount
$100.0M
Annual Expense Ratio
$1.5M
Pay $810K more per year vs. category average
Category Median Annual Cost
$690K
Based on expense ratio of 0.69%
10-Year Cumulative Expense Ratio (Long-term simulation assuming 7% annual market growth)
$25.9M
26.8% of returns you could have earned goes to the fund manager due to fees
Because the expense ratio takes a slice of your assets every year, costs compound over 10 years and result in far greater losses than a simple sum (annual fee × 10). The 7% annual return assumption is based on the S&P 500's long-term average.
Defaults shown against $100K baseline portfolio. Adjust the slider to update the amount in real time.
Cheaper alternatives in the same category
MSBT
Morgan Stanley Bitcoin Trust
0.14%
-1.36%p annually
BTC
Grayscale Bitcoin Mini Trust ETF
0.15%
-1.35%p annually
ETH
Grayscale Ethereum Staking Mini ETF
0.15%
-1.35%p annually
* A lower fee does not necessarily mean a better ETF. Consider the tracked index, liquidity, and tax treatment as well.
Long-Term Performance
1-year · 3-year · 5-year · 10-year returns · vs. benchmark · drawdown defense
Insufficient return data
-64.4%p vs. benchmark (SPY) over 1Y.
ℹ️ The "1Y·3Y·5Y·10Y" periods below represent annualized returns (CAGR) measured backward from today. Example: "3Y +12%" means the investment grew at a compounded 12% per year over the past three years.
₿ Crypto ETF — extreme volatility
Crypto price swings are far larger than those of traditional assets, and historical return volatility is very high. Set your portfolio allocation carefully based on your own risk tolerance.
If you had invested 1 year(s) ago
$100.0M
Today's value
$53.4M
→
Total loss
$-46,630,000
Annualized -46.6%
1 Year
2025.07 ~ 2026.07
Annualized -46.63%
하위 25%Trailed the benchmark by 64.4%p annually
My positionBottom 25%
Low range Average High range
3 Years
2023.07 ~ 2026.07
Listed 2024/1 — under 3 years
5 Years
2021.07 ~ 2026.07
Listed 2024/1 — under 5 years
10Y
2016.07 ~ 2026.07
Listed 2024/1 — under 10 years
10Y Cumulative Total Return Curve
2016-07-28 start, based on a 100M KRW base — read the curve values directly as units of 100M KRW (e.g., 308 → 3.08억 / 308M KRW). Both this ETF and the benchmark are rebased to 100 on the same start date for comparison.
GBTC · Price Only GBTC · Price + Cumulative Dividends GBTC · Dividend Reinvested S&P 500 (SPY)
50
2500
4950
7400
9850
ℹ️ Price Only: Excludes dividends and tracks pure stock price only. Covered-call and high-dividend ETFs often show a flat or declining line on this view, which is meaningful from a "principal preservation" standpoint. Price + Cumulative Dividend: Share count stays the same and received dividends are accumulated as cash. Closely matches your actual account total assets. Reinvested: Dividends are immediately used to buy additional shares (adjClose-based, the industry standard for total return). The wider the gap between the three lines, the easier it is to gauge the effectiveness of the dividend strategy.
Annual Return Comparison
ETF returns vs S&P 500 (SPY) by calendar year
GBTC S&P 500 (SPY)
+1390%
0%
−1390%
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026 YTD
ℹ️ Returns from January 1 to December 31 of each year. The current year (2026) column is dimmed to indicate YTD (incomplete). If blue is higher than gray, the ETF outperformed the benchmark in that year.
Win rate vs S&P 500 (SPY)
5 / 9Y
Roughly even with benchmark (56%)
+ 2026 YTD: Behind (-28.3% vs 8.5%)
2017 ✓
2018 ✗
2019 ✓
2020 ✓
2021 ✗
2022 ✗
2023 ✓
2024 ✓
2025 ✗
2026 ✗ YTD
ℹ️ Number of winning years versus S&P 500 (SPY) within a completed calendar year (1/1–12/31). The current year (YTD) is reported separately.
Downside Capture
113%
Falls more than the benchmark — vulnerable in drawdowns
<85% (Defend) 85~110% (Track) >110% (Lag)
ℹ️ Average % drop of this ETF when S&P 500 (SPY) is −1%. Based on daily returns over the past 3 years (only days where the benchmark is negative).
Risk Profile
Volatility · Beta · Max Drawdown · Sharpe · Drawdown Recovery History
Overall Risk Grade
High Risk
It's common for crypto to move 10–20% in a single day, and drawdowns of -50% or more have happened many times. Keep your position size cautious.
₿ Crypto ETFs — Extreme volatility
The inherent extreme volatility of crypto assets is fully reflected here. Beta conversion has limited meaning, and drawdowns exceeding -50% are common.
Beta (market sensitivity)
하위 25%2.17
If the market rises +10% +21.7%
If the market falls -10% -21.7%
My positionBottom 25%
Low range Average High range
ℹ️ A beta of 1.0 moves in line with the market. Above 1 means it moves more than the market; below 1 means less.
Average daily range (last 1 month)
하위 25%±2.25%
S&P 500 typically ±1.0~1.3% · Bond funds ±0.3% · Leveraged ETFs ±3% or more
Annual volatility trend (past 10 years)
ℹ️ This ETF's average daily price swing. 1% means "on average, moves about ±1% per day." The rolling curve below shows the annualized volatility (long-term standard measure) over time.
Max Drawdown · Past 10 years
-89.9%
2015-07-31 Worst -89% 2026-07-01
ℹ️ Maximum drawdown is the largest peak-to-trough decline in the past. It represents the worst-case loss a long-term investor must psychologically endure.
Sharpe Ratio (Risk-Adjusted Return)
0.69
Average — Moderate risk-adjusted returns
ℹ️ Annualized return minus the risk-free rate (3% annualized), divided by annualized volatility. A value above 1.0 is generally considered good risk-adjusted performance.
Estimated Monthly Maximum Loss (VaR 95%)
-28.5%
Historically, monthly losses exceeding this figure occurred only5%of the time.
ℹ️ A statistical estimate meaning "with 95% probability, monthly losses will not exceed this amount." The remaining 5% corresponds to crisis-level events such as financial crises or pandemics.
Overall investment appeal
What this ETF fits best — strengths, weaknesses, and target investor profile
Warrants a closer look Several metrics show warning signs. Compare it with similar ETFs before deciding.
💡 This product reflects the extreme volatility typical of crypto assets. Size your allocation carefully.
🎯 목적별 적합도
내가 이 ETF를 어떤 목적으로 활용할 수 있는지 확인하세요.
매우 낮음
부적합
적합
보통
이런 분에게 어울려요
Investors seeking crypto exposure
✅ 강점
뚜렷한 강점이 드러나지 않아요.
⚠️ 약점·주의사항
- 💸Expense ratio is somewhat high — 1.5% annually
- ⚠️Volatility is above average
- 🎯Trails benchmark by -64.4%p annually
Category Peers
Category: Other Asset Types - Multi-Asset / Other
같은 카테고리 6종 중 AUM 3/6위 · 보수율 6/6위
카테고리: Other Asset Types - Multi-Asset / Other
ℹ️ 왜 비교해야 하나요?
같은 카테고리 ETF끼리는 보수율·규모(AUM)·배당률을 비교해 볼 가치가 있어요. 보수율은 낮을수록 장기 수익에 유리하고, AUM이 크면 운용 안정성이 높아요. ▲ 표시는 GBTC보다 유리, ▼ 표시는 GBTC보다 불리를 뜻해요.
| 티커 | ETF명 | 보수율 | AUM | 보유종목 | 배당률 | YTD | 1년 |
|---|---|---|---|---|---|---|---|
| GBTC | Grayscale Bitcoin Trust | 1.5% | $8.6B | 1 | - | -26.45% | -45.27% |
| iShares Bitcoin Trust ETF | 0.25% ▲ | $47.2B ▲ | 2 | - | - | -44.59% ▲ | |
| Fidelity Wise Origin Bitcoin Fund | 0.25% ▲ | $11.1B ▲ | 3 | - | - | -44.58% ▲ | |
| iShares Ethereum Trust ETF | 0.25% ▲ | $5.4B ▼ | 2 | - | - | -46.74% ▼ | |
| Grayscale Bitcoin Mini Trust ETF | 0.15% ▲ | $3.8B ▼ | 1 | - | - | -44.52% ▲ | |
| Bitwise Bitcoin ETF | 0.2% ▲ | $2.4B ▼ | 1 | - | - | -44.58% ▲ |
AUM 내림차순 정렬 · ▲ GBTC보다 유리 · ▼ GBTC보다 불리
Leveraged & Covered Call ETFs on the Same Theme
ETFs that approach the same theme with a different strategy
3 ETFs tracking the same theme as GBTC using leveraged or covered call strategies (Leverage 3)
Not direct derivatives of GBTC, but ETFs that cover the same theme via a different strategy.
ℹ️ Which ETFs are included?
Among ETFs whose theme (category or sector) overlaps with GBTC, some use special strategies. Leveraged ETFs aim for 2–3× the daily move, Inverse ETFs seek opposite-direction returns, and Covered Call ETFs generate monthly income from option premiums.
⚠️ Caution: Long-Term Holding
Leveraged and inverse ETFs track only the daily return. With high volatility, holding them for longer periods causes cumulative volatility decay—returns diverge further from the underlying index. They are meant for short-term trading.
Leverage 3 ETFs that amplify the same theme by 2-3x (high volatility)
FAQ
What kind of ETF is GBTC?
GBTC is an ETF in the Other Asset Types - Multi-Asset / Other category, managed by Grayscale.
How many holdings does GBTC have?
GBTC holds a total of 1 securities, with an AUM of approximately $8.6B.
What is the 52-week high and low for GBTC?
GBTC has recorded a 52-week high of $99.12 and a low of $44.98.
면책조항: 본 콘텐츠는 참고 자료이며 투자 권유가 아닙니다. 모든 투자의 책임은 투자자 본인에게 있습니다.