I did not personally expect this much Spot BTC being converted from GBTC to IBIT but the numbers are right there.
IBIT's low fee's and Blackrock's brand name have just drained the GBTC supply.
As of today
IBIT's holdings is $1,060,712,715.95
GBTC holdings is $23,707,965,989.80
This will become a close battle within months and the low fee battle will always exist.