Spot Bitcoin ETFs Experience Lowest Volume Since Jan. 11
According to the latest data, spot bitcoin exchange-traded funds (ETFs) had their lowest trading volume day since Jan. 11, 2024. The trading volume on Wednesday amounted to approximately $1.28 billion. In addition, it has been reported that Grayscale’s Bitcoin Trust (GBTC) offloaded 13,178.50 bitcoin valued at $527 million within the last 24 hours.
GBTC’s Bitcoin Holdings Decreased by 93,563.56 BTC
Grayscale’s GBTC currently holds 523,516.43 BTC worth approximately $20.71 billion. This is 13,178.50 BTC less compared to the previous day. Since Jan. 12, 2024, GBTC’s bitcoin holdings have decreased by 93,563.56 BTC, worth $3.74 billion.
Other Spot Bitcoin ETFs Accumulate Bitcoins
While GBTC remains a major player in the market, commanding $610 million of the total $1.28 billion in trading volume on Wednesday, other spot bitcoin ETFs are steadily accumulating bitcoins. For example, Blackrock’s IBIT currently possesses 45,668.08 BTC valued at approximately $1.83 billion.
Newly Launched ETFs Hold $4.91B in Assets
Various newly launched spot bitcoin ETFs now hold a cumulative total of 122,831.77 BTC, amounting to an estimated worth of $4.91 billion. These ETFs include Fidelity’s FBTC, Ark Invest’s ETF, Bitwise’s holdings, Vaneck’s HODL ETF, Franklin Templeton’s EZBC, Invesco Galaxy ETF (BTCO), Valkyrie’s BRRR ETF, and Wisdomtree’s BTCW ETF.
Hot Take: Low Trading Volume Reflects Market Sentiment
The recent low trading volume in spot bitcoin ETFs suggests a decline in market activity. The decrease in GBTC’s bitcoin holdings and the offloading of bitcoins by Grayscale indicate a possible shift in market sentiment. On the other hand, the accumulation of bitcoins by other ETFs may indicate confidence in the long-term growth of cryptocurrencies. It remains to be seen how these trends will continue and impact the overall crypto market in the coming months.
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