GBTC and IBIT in Flux: Bitcoin Trusts Show Diverging Trends
Grayscale’s Bitcoin Trust (GBTC) and Blackrock’s spot bitcoin exchange-traded fund (ETF), IBIT, are experiencing contrasting trends in their holdings. GBTC recently saw a decline in its bitcoin stash, bid farewell to 9,520.27 BTC in just 24 hours. On the other hand, IBIT expanded its reserve holdings and gained 6,517.34 BTC in a 48-hour period.
GBTC’s Decline and IBIT’s Growth
GBTC’s bitcoin holdings decreased from 492,112.45 BTC to 482,592.18 BTC, while IBIT’s stash increased from 63,488.22 BTC to 70,005.56 BTC. The estimated value of GBTC’s Bitcoin Trust balance sheet is now $20.74 billion, while IBIT’s holdings are valued at $2.98 billion.
Influx of BTC in Other ETFs
Fidelity Wise Origin ETF (FBTC) and 21shares ETF (ARKB) also witnessed an increase in their bitcoin holdings. FBTC expanded its stash from 53,802.34 BTC to 59,224.11 BTC, with assets under management (AUM) reaching $2.53 billion. ARKB’s bitcoin holdings grew from 15,175 BTC to 15,520 BTC.
Additionally, Bitwise BITB Fund and Invesco Galaxy ETF (BTCO) experienced growth, while Vaneck’s HODL ETF, Valkyrie’s BRRR ETF, Franklin Templeton, and Wisdomtree’s BTCW ETF maintained their holdings.
Total Accumulated BTC in New ETFs
Combined, these nine new ETFs possess a total of 173,977.55 BTC, valued at an estimated $7.48 billion.
Hot Take: Bitcoin Trusts Display Diverse Performance
While GBTC’s bitcoin holdings decreased, IBIT and several other new ETFs experienced growth in their reserve holdings. This indicates the diverse performance of different bitcoin trusts in the market. The fluctuating trends highlight the dynamic nature of cryptocurrency investments and the growing interest from institutional investors.
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