Grayscale’s GBTC Sees Decrease in Bitcoin Holdings
According to the latest data from Grayscale’s GBTC, the trust’s bitcoin holdings have dropped below 500,000, with a departure of 6,138.79 bitcoin from its reserves in the past day. This comes as Blackrock’s IBIT has increased its bitcoin assets by 4,603.24 bitcoin valued at $199 million.
GBTC Depletes Bitcoin Reserve
As of January 30, 2024, Grayscale’s GBTC had 496,573.81 BTC in its bitcoin portfolio, worth $21.43 billion. However, there has been a significant decrease in GBTC’s bitcoin reserves, with a loss of approximately 120,506.18 BTC or $5.23 billion in value since January 12. On January 29, the total trade volume for all ten spot bitcoin exchange-traded funds (ETFs) reached $1.59 billion, with GBTC contributing $576.01 million to that figure.
Competing Funds Increase Their Bitcoin Assets
While GBTC experienced a decrease in bitcoin holdings, Blackrock’s IBIT saw growth, increasing from 52,025.76 BTC to 56,629.00 BTC. Fidelity’s and FBTC’s holdings remain pending, but there have been indications of an increase in BTC for both. Other funds such as ARKB, Bitwise’s BITB, Invesco, Vaneck, Valkyrie, and Franklin Templeton also hold significant amounts of BTC in their portfolios.
Wisdomtree holds the smallest amount of BTC among the spot bitcoin ETFs, with 201 BTC valued at $8.7 million. In total, the nine spot BTC ETFs hold 140,250.85 BTC as of January 30, 2024.
Hot Take: Changing Landscapes in Bitcoin Holdings
The latest data reveals a changing landscape in the bitcoin holdings of major funds. Grayscale’s GBTC has experienced a decrease in its bitcoin reserves, while Blackrock’s IBIT has seen an increase. This shift highlights the competition among funds to accumulate and manage bitcoin assets. As the cryptocurrency market continues to evolve, it will be interesting to see how these holdings and investor preferences change over time.
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