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 key liquidity metrics where BlackRock and Fidelity ETFs have an edge over GBTC.

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The first metric, the Hui-Heubel ratio, is used as a proxy for market breadth. It shows GBTC's value to be approximately four times higher than that of the BlackRock and Fidelity ETFs, indicating they have significantly more market breadth.

The second metric examines the "average absolute deviation" of ETF closing prices from their net asset value (NAV). Recent data suggest that the price deviation from NAV for the Fidelity and BlackRock spot Bitcoin ETFs is nearing that of the GLD Gold ETF, signaling a notable improvement in liquidity.

Conversely, the deviations for the GBTC ETF remain elevated, suggesting lower liquidity.

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