You're reading

Grayscale’s Bitcoin Trust Sees Reduction Slowdown as New ETFs Gain Ground With Over 160,000 BTC Acquired

Posted at January 31, 2024 | Post by Victor Rollman

Picture

In the most recent update, Grayscale’s Bitcoin Trust (GBTC) experienced a decrease of 4,461.36 bitcoin, valued at approximately $190.53 million, over the past day. Since Jan. 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 have collectively garnered an impressive total of 160,661.38 bitcoin.

Screenshot 9

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

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 Jan. 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.

The recent reductions in GBTC have been notable, yet they pale in comparison to the substantial drop of 20,803 bitcoin observed on Jan. 26. From Jan. 12 to Jan. 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. In contrast, Blackrock’s IBIT has seen growth over the past day, increasing from 56,629 BTC to 63,488.22 BTC, an uptick of 6,859.22 BTC.

As highlighted in their Jan. 31, 2024, daily holdings report, Fidelity’s FBTC has witnessed a rise, moving from 47,238 BTC to 53,802.34 BTC. Meanwhile, 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 to 14,039.54 BTC. According to the latest assets under management (AUM) data, the Invesco Galaxy ETF BTCO is currently holding 6,898 BTC.

In other developments, Vaneck’s HODL ETF now contains 2,941.99 BTC, and Valkyrie’s BRRR ETF has a total of 2,635.29 BTC. Franklin Templeton’s holdings have climbed from 1,363 BTC to a present total of 1,421 BTC. As of Jan. 31, Wisdomtree’s BTCW ETF is holding 260 BTC. Collectively, these 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.

Group 3

Curious about Bitcoin?
How about mining this new and asymmetric asset?

Find out how it works.

Book your edge now!
www.rollmanmining.com

SHARE THIS POST
Other Articles
Image
January 31, 2024 Different mining pool rewards are explained: PPS vs. FPPS vs. PPLNS vs. PPS+

Once a crypto enthusiast has decided that they want to mine a specific currency, the first…

Read More
Date
4 mins
Image
January 31, 2024 X Valued at $19 Billion a Year After Musk Bought Twitter for $44 Billion

Social media company X is now worth less than half of what Elon Musk paid for…

Read More
Date
3 mins
Image
January 31, 2024 Biggest Movers: BCH 5% Higher, as BNB Nears Key Price Target

Bitcoin cash rose by as much as 5% on Tuesday, as bulls extended recent gains following…

Read More
Date
2 mins