GBTC Sheds Almost 125,000 Bitcoin While 9 Fresh ETFs Gather Over 160,000

The latest update from Grayscale’s Bitcoin Trust (GBTC) shows a decrease of approximately 4,461.36 bitcoin in the past day, amounting to a value of around $190.53 million. This reduction is part of a larger trend, as GBTC has seen a cumulative decrease of approximately 124,967.54 bitcoin, equivalent to an estimated $5.33 billion, since January 12, 2024. In contrast, nine recently launched spot bitcoin exchange-traded funds (ETFs) have collectively acquired an impressive total of over 160,000 bitcoin. Despite the significant growth of these new ETFs, the value of GBTC’s fund remains notably larger, more than three times the aggregate of all nine newly introduced ETFs.

GBTC Sheds Almost 125,000 Bitcoin While 9 Fresh ETFs Gather Over 160,000

Recent Trends in GBTC Outflows

In the most recent update, Grayscale’s Bitcoin Trust (GBTC) experienced a decrease of 4,461.36 bitcoin over the past day. This reduction is valued at approximately $190.53 million. Since January 12, 2024, GBTC has observed a cumulative reduction of about 124,967.54 bitcoin, equivalent to an estimated $5.33 billion. Meanwhile, the nine recently launched spot bitcoin exchange-traded funds (ETFs) have collectively garnered an impressive total of 160,661.38 bitcoin.

GBTC Holdings Dip Below 500,000 BTC

Recent trends indicate a slowdown in the outflows from Grayscale’s Bitcoin Trust (GBTC), with each trading day experiencing a smaller decline over the last two sessions. As of January 30, 2024, data revealed that GBTC’s holdings dipped below the 500,000 BTC mark, registering at 496,573.81 BTC. However, in the past 24 hours, the holdings have further decreased by 4,461.36 BTC, bringing the total down to 492,112.45 BTC, currently valued at approximately $21.43 billion.

Further Decrease in GBTC Holdings

The recent reductions in GBTC have been notable, yet they pale in comparison to the substantial drop of 20,803 bitcoin observed on January 26. From January 12 to January 31, 2024, GBTC’s reserves have shrunk from 617,079.99 BTC to 492,112.45 BTC, marking a significant loss of 124,967.54 BTC, according to current metrics.

Comparison to Previous Drop in GBTC Bitcoin

In contrast to GBTC’s decrease in holdings, Blackrock’s IBIT has seen growth over the past day. It has increased from 56,629 BTC to 63,488.22 BTC, an uptick of 6,859.22 BTC. Additionally, Fidelity’s FBTC has witnessed a rise, moving from 47,238 BTC to 53,802.34 BTC. Ark Invest’s ETF, ARKB, has expanded its holdings to 15,175 BTC, an increase of 385 BTC in the last 24 hours. Bitwise’s BITB has seen a notable jump, going from 13,576.10 BTC to 14,039.54 BTC. The Invesco Galaxy ETF BTCO is currently holding 6,898 BTC.

Blackrock’s IBIT Sees Growth

Blackrock’s IBIT has experienced growth, increasing its holdings from 56,629 BTC to 63,488.22 BTC over the past day. This surge of 6,859.22 BTC demonstrates the demand for bitcoin exposure through the ETF.

Fidelity’s FBTC Witnesses a Rise

Fidelity’s FBTC has also seen an increase in holdings. It has risen from 47,238 BTC to 53,802.34 BTC, indicating the growing interest in bitcoin and the ETF’s appeal to investors.

Ark Invest’s ETF ARKB Expands Holdings

Ark Invest’s ETF, ARKB, has expanded its holdings to 15,175 BTC. This increase of 385 BTC in the last 24 hours demonstrates the confidence and demand for ARKB as a means of gaining exposure to bitcoin.

Bitwise’s BITB Sees a Notable Jump

Bitwise’s BITB has seen a significant jump in holdings, going from 13,576.10 BTC to 14,039.54 BTC. This increase indicates the growing interest in BITB as an investment vehicle for bitcoin.

Invesco Galaxy ETF BTCO Holds 6,898 BTC

The Invesco Galaxy ETF BTCO is currently holding 6,898 BTC. This showcases the demand for BTCO and its ability to attract investors seeking bitcoin exposure through an ETF.

Vaneck’s HODL ETF and Valkyrie’s BRRR ETF Holdings

Vaneck’s HODL ETF now contains 2,941.99 BTC, while Valkyrie’s BRRR ETF has a total of 2,635.29 BTC. These holdings reflect the interest in both HODL and BRRR ETFs as investment options for individuals and institutions seeking bitcoin exposure.

Franklin Templeton’s Holdings Increase

Franklin Templeton’s holdings have climbed from 1,363 BTC to a present total of 1,421 BTC. This increase demonstrates the confidence in Franklin Templeton’s ETF as a means to gain exposure to bitcoin.

Wisdomtree’s BTCW ETF Holdings

As of January 31, Wisdomtree’s BTCW ETF is holding 260 BTC. This showcases the interest in BTCW and its ability to attract investors seeking exposure to bitcoin through an ETF.

Collective Accumulation of the Nine New ETFs Compared to GBTC

Collectively, the nine newly introduced spot bitcoin ETFs have amassed a significant 160,661.38 BTC, valued at $6.88 billion at the current market rate. Although the combined accumulation of these nine new ETFs is impressive, GBTC’s fund remains notably larger, being 3.11 times more valuable than the aggregate of all nine.

Conclusion and Reader’s Opinion

The recent trends in GBTC outflows and the accumulation of bitcoin by the nine new ETFs highlight the growing interest and demand for bitcoin investment opportunities. While GBTC has experienced a significant decrease in holdings, the emergence of these new ETFs has allowed investors to gain exposure to bitcoin through alternative investment vehicles.

The accumulation of over 160,000 bitcoin by the new ETFs raises questions about the potential impact on the overall market and the price of bitcoin. It signifies the growing acceptance and integration of bitcoin into traditional financial systems.

What do you think about the nine new ETFs collecting more than 160,000 bitcoin? Share your thoughts and opinions about this subject in the comments section below.