Grayscale Sells Bitcoin while Rivals Accumulate
The Grayscale Bitcoin Trust (GBTC) has been actively reducing its holdings, with around 3,426.99 BTC deducted on Monday and 2,565.39 BTC on Tuesday.
Currently, GBTC has a balance of 472,345.05 BTC worth approximately $20.34 billion. Since January 12, 2024, GBTC has decreased its holdings by 144,734.94 BTC, equivalent to $6.23 billion. On January 11, 2024, GBTC shed 147,792 BTC worth $6.37 billion.
Meanwhile, Blackrock’s IBIT acquired an additional 3,235.87 BTC, bringing its total to 75,702.51 BTC valued at about $3.23 billion. Fidelity’s FBTC now holds 62,787.62 BTC worth $2.66 billion.
Other ETFs Experience Changes
The 21shares ETF increased its holdings to 16,415 BTC, while Bitwise’s BITB climbed to 15,320.82 BTC. Vaneck’s HODL ETF and Valkyrie’s BRRR maintained their previous holdings at 3,054.99 BTC and 2,649.46 BTC, respectively.
Wisdom Tree’s reserves saw an increase from 276 BTC to 313 BTC. In total, excluding GBTC, the nine ETFs hold a combined total of 184,803.4 BTC valued at $7.96 billion.
Outflows from GBTC Decreasing
According to Bloomberg ETF analyst James Seyffart, the outflows from GBTC are shrinking. However, inflows to other products are also declining. Observers have noted a decrease in Grayscale’s outflows.
Hot Take: Grayscale Bitcoin Trust Reduces Holdings While Rivals Accumulate
Grayscale’s Bitcoin Trust (GBTC) has been actively decreasing its BTC holdings, while other ETFs are accumulating more. The reduction in GBTC’s holdings since January 2024 amounts to billions of dollars. Meanwhile, Blackrock’s IBIT and Fidelity’s FBTC have increased their BTC reserves. Other ETFs, such as 21shares, Bitwise, Vaneck, Valkyrie, and Wisdom Tree, have also seen changes in their holdings. Observers have noticed that GBTC’s outflows are diminishing, but inflows to other products are also declining. These developments indicate a shifting landscape in the ETF market for Bitcoin.
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