Grayscale Reduces Bitcoin Holdings as Competing ETFs Continue to Bolster Reserves
After the trading activity on Monday, which saw $642 million in transaction volume, Grayscales Bitcoin Trust sold off approximately 3,426.99 bitcoin, valued at around $147 million. Following Tuesdays trading activity, GBTC offloaded an additional 2,565.39 bitcoin, valued at $110 million. Concurrently, Blackrocks IBIT has acquired an additional 3,235.87 bitcoin, while Fidelitys FBTC has secured 2,732.75 more bitcoin.
ETF Shift: Grayscale Cuts Bitcoin Position as Rivals Accumulate
Grayscales Bitcoin Trust (GBTC) has been actively decreasing its holdings, with 3,426.99 BTC being deducted from its exchange-traded funds (ETF) assets after Monday and 2,565.39 BTC on Tuesday.
The trusts current balance stands at 472,345.05 BTC, with its worth estimated at $20.34 billion. Since Jan. 12, 2024, GBTC has seen a reduction in its holdings by 144,734.94 BTC, translating to an approximate value of $6.23 billion. Bitmex research shows since Jan. 11, 2024, the day prior, GBTC has shed 147,792 BTC worth $6.37 billion.
Meanwhile, Blackrocks IBIT has been climbing the ranks, amassing an extra 3,235.87 BTC after Monday, pushing its total to 75,702.51 BTC, valued at about $3.23 billion. On Tuesday, Feb. 6, 2024, Fidelitys FBTC boasted a reserve of 62,787.62 BTC, with a market value of $2.66 billion.
Ark Invests 21shares ETF increased its holdings from 15,890 BTC to 16,415 BTC. Bitwises BITB also experienced growth, with its reserves climbing from 15,053.66 BTC to 15,320.82 BTC as of Tuesday. The Invesco Galaxy fund, BTCO, maintained its count at 7,081 BTC, identical to two days prior. Vanecks HODL ETF witnessed a bump in its holdings, moving from 2,998.48 BTC to 3,054.99 BTC after Mondays transactions.
Valkyries BRRR maintained its holdings at 2,649.46 BTC, with no adjustments observed. The Franklin Templeton-managed EZBC fund stands firm at 1,479 BTC, showing no changes in the last day. Wisdom Trees reserves saw an uplift from 276 BTC to 313 BTC. Collectively, excluding GBTC, the nine ETFs hold a combined total of 184,803.4 BTC, valued at $7.96 billion.
On Tuesday, Bloomberg ETF analyst James Seyffart spoke about the GBTC reductions tapering off. Outflows from GBTC continue shrinking. But so are the inflows to the other products, Seyffart remarked on the social media channel X. Observers tracking the developments have also noted a decline in Grayscales outflows.
What do you think about the number of bitcoins spot ETFs collected? Share your thoughts and opinions about this subject in the comments section below.
Source: Bitcoin.com
The post Grayscale Reduces Bitcoin Holdings as Competing ETFs Continue to Bolster Reserves appeared first on Crypto Breaking News.
Text source: Crypto Breaking News
