GBTC Sees Over 80,000 Bitcoin Leave in 12 Days While Rival ETFs Amass 118,000 BTC

In just a span of 12 days, Grayscale’s Bitcoin Trust (GBTC) has witnessed a significant outflow of over 80,000 Bitcoin, while rival exchange-traded funds (ETFs) have amassed a total of 118,000 Bitcoin. According to data from Grayscale’s official website, the fund’s holdings dropped from 552.6k Bitcoin to 536.7k Bitcoin in just a day. This recent decline marks another significant withdrawal from the fund, amounting to over $635 million. In contrast, other ETFs such as Fidelity’s FBTC and Blackrock’s iShares Bitcoin Trust have reported substantial holdings, further diversifying the landscape of Bitcoin investments. The article examines the current standings of these ETFs and their growing influence in the market.

Grayscale’s Bitcoin Trust Reduces Holdings by Over 15,900 Bitcoin in a Single Day

Grayscale’s Bitcoin Trust (GBTC) has experienced a significant decrease in its bitcoin holdings, with over 15,900 bitcoin being withdrawn in a single day. According to data from the official website, the fund’s holdings went from 552,681.22 bitcoin on Tuesday to 536,694.93 bitcoin on Wednesday. This represents a daily outflow of 15,986.29 bitcoin, equivalent to over $635 million.

GBTC’s Bitcoin Holdings Decrease to 536,694.93 BTC

As of January 24, 2024, Grayscale’s Bitcoin Trust (GBTC) holds a total of 536,694.93 BTC, valued at approximately $21.01 billion. This marks a decrease from the previous day’s balance of 552,681.22 BTC, indicating a withdrawal of 15,986.29 BTC. The decrease in holdings reflects the ongoing trend of investors moving their bitcoin out of the GBTC.

Significant Daily Withdrawal from GBTC

The significant daily withdrawal of 15,986.29 bitcoin from GBTC highlights the decreasing popularity of the trust among investors. This trend is likely a result of the emergence of other bitcoin investment options, such as bitcoin exchange-traded funds (ETFs), which offer more flexibility and potentially better returns. Investors are increasingly seeking alternative avenues to gain exposure to bitcoin, contributing to the outflow from GBTC.

Departure of 80,385.06 BTC from GBTC Since January 12

Since January 12, GBTC has experienced a departure of 80,385.06 BTC, equivalent to a value of $3.19 billion. This indicates a significant shift in investor sentiment towards the trust. As other bitcoin investment options gain traction, investors are choosing to move their holdings away from GBTC, leading to a gradual decrease in the trust’s bitcoin holdings.

GBTC Leads Trading Volume Among Bitcoin ETFs

Despite the decrease in bitcoin holdings, GBTC continues to lead the trading volume among the ten spot bitcoin ETFs. On Tuesday, the trust recorded a substantial trading volume of $762 million, surpassing all other bitcoin ETFs available in the market. This indicates that GBTC remains a popular choice for investors looking to trade bitcoin through ETFs.

Collective Volume of Bitcoin ETFs Hits $1.6 Billion

The collective trading volume for all ten bitcoin ETFs reached $1.6 billion on January 23. This demonstrates the growing interest in bitcoin investment options and the increased liquidity in the market. Investors are actively engaging in bitcoin trading through ETFs, indicating a shift towards more regulated and accessible investment vehicles.

Blackrock’s IBIT and Fidelity’s FBTC Hold Significant Bitcoin

Among the various bitcoin ETFs, Blackrock’s IBIT and Fidelity’s FBTC hold a significant amount of bitcoin. According to Blackrock’s daily holdings update, IBIT currently possesses 44,004.52 BTC, valued at approximately $1.74 billion. Fidelity’s FBTC, on the other hand, holds 38,149.16 BTC, worth around $1.51 billion. These holdings reflect the growing presence of major financial institutions in the bitcoin market.

Bitwise’s BITB and VanEck’s HODL ETF Bitcoin Holdings

Bitwise’s BITB and VanEck’s HODL ETF also hold notable amounts of bitcoin. According to Bitwise’s latest web portal update, BITB has 11,858.63 BTC in its coffers. VanEck’s HODL ETF, as reported, has about 2,715.77 BTC at present. These holdings contribute to the overall bitcoin holdings across various bitcoin ETFs, offering investors a range of options to diversify their crypto portfolios.

Franklin Templeton’s EZBC and Ark Invest’s ETF Bitcoin Holdings

Franklin Templeton’s EZBC ETF encompasses 1,305 BTC, while Ark Invest’s ETF boasts 12,255 BTC. These two ETFs demonstrate the growing interest in offering investors exposure to bitcoin through traditional financial entities. As established names in the investment world enter the bitcoin market, it further validates the legitimacy and appeal of digital assets as an investment class.

Wisdomtree’s BTCW and Valkyrie’s BRRR ETF Bitcoin Holdings

Wisdomtree’s BTCW ETF holds 191 BTC, while Valkyrie’s BRRR ETF manages 2,201.50 BTC. These ETFs contribute to the overall bitcoin holdings within the market and provide additional options for investors seeking exposure to the digital asset. The ability to choose from various bitcoin ETFs allows investors to tailor their investment strategies based on their preferences and risk tolerance.

In conclusion, Grayscale’s Bitcoin Trust has experienced a significant decrease in its bitcoin holdings, while other bitcoin ETFs have amassed substantial amounts of the cryptocurrency. This trend reflects a shift in investor sentiment towards alternative investment options and highlights the growing popularity of bitcoin ETFs. As the collective trading volume of bitcoin ETFs reaches new heights, major financial institutions like Blackrock and Fidelity are actively participating in the market. With various bitcoin ETFs available, investors have more choices to diversify their crypto portfolios and gain exposure to the digital asset.