Grayscale’s GBTC Sees Significant Bitcoin Outflow
In the past 24 hours, Grayscale’s GBTC has experienced another major bitcoin outflow. A total of 10,871.56 bitcoin, valued at $449 million, has been withdrawn from the trust’s reserves. As of today, GBTC holds 512,644.87 bitcoin, down from 523,516.43 bitcoin on Thursday. Since January 12, 2024, a significant sum of 104,435.12 bitcoin worth $4.3 billion has been withdrawn from Grayscale’s trust.
Blackrock’s IBIT and Other ETFs Gain Momentum
On the other hand, Blackrock’s IBIT has seen continuous growth. Its bitcoin holdings now stand at 49,952.32 bitcoin, valued at $1.98 billion. Fidelity’s FBTC ETF currently holds 43,855.14 bitcoin worth $1.74 billion. Ark Invest 21shares ETF has 13,285 bitcoin valued at $549 million, and Bitwise’s BITB has 12,840.05 bitcoin.
Vaneck’s HODL ETF maintains its 2,772.33 bitcoin, Franklin Templeton’s EZBC has 1,334 bitcoin, and Invesco’s figure stands at 6,339 bitcoin. Valkyrie’s BRRR ETF holds 2,592.75 bitcoin, and Wisdomtree’s BTCW ETF holds 201 bitcoin.
Nine New Spot Bitcoin ETFs Acquire Bitcoin While GBTC Declines
While GBTC experienced an outflow of 104,435.12 bitcoin worth $4.3 billion, the newly launched spot bitcoin ETFs collectively acquired 132,170.59 bitcoin since their inception. These nine ETFs have a combined value of $5.46 billion. Blackrock and Fidelity make up a significant portion of the holdings, representing 70.97% of the nine ETFs’ total. Additionally, the assets of these nine ETFs account for 25.78% of GBTC’s holdings.
Hot Take: Shift in Bitcoin Holdings from GBTC to Other ETFs
While Grayscale’s GBTC has experienced significant bitcoin outflows, other ETFs such as Blackrock’s IBIT and Fidelity’s FBTC have been gaining momentum and accumulating more bitcoin. This shift indicates a growing interest in ETFs as investors diversify their bitcoin holdings. The new spot bitcoin ETFs have collectively acquired a substantial amount of bitcoin since their launch, challenging the dominance of GBTC. As the competition among these ETFs intensifies, it will be interesting to see how they continue to reshape the crypto investment landscape.
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