According to Farside Investors, the Grayscale Bitcoin Trust ($GBTC) and Grayscale Ethereum Trust ($ETHE), which recently converted to ETFs, have seen a dramatic decline in client retention, with $GBTC losing 65% and $ETHE 54% of their clients. This trend suggests a potential shift in investor confidence and trading strategy, as the high fees associated with these products may no longer be justifiable in the evolving ETF market. Traders should monitor these dynamics closely for impacts on market liquidity and potential opportunities in alternative crypto investment vehicles.