On Friday, U.S. spot bitcoin exchange-traded funds experienced their 14th consecutive day of inflows, totaling around million. Leading the inflows once more was Blackrock’s IBIT, while Grayscale’s GBTC saw outflows. .7B in Trade Volume and M in Inflows During Friday’s Bitcoin ETF Trading Sessions Approximately million in inflows were reported during Friday’s spot […]
Bitcoin News
Blackrock’s IBIT Nears Grayscale’s GBTC in Bitcoin Reserves
According to the latest statistics, U.S. spot bitcoin exchange-traded funds (ETFs) experienced ten consecutive days of positive inflows. Notably, during a third of those days, Grayscale’s Bitcoin Trust (GBTC) faced outflows and neutral activity. Conversely, Blackrock’s IBIT saw inflows on most of the ten trading days. Blackrock’s IBIT and Grayscale’s GBTC Neck and Neck in […]
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Persistent Discount Plagues Grayscale’s Ethereum Trust as ETF Decision Nears
As May approaches its end, a significant number of market watchers are keen to find out whether the U.S. Securities and Exchange Commission (SEC) will approve a spot ethereum exchange-traded fund (ETF). Although Grayscale retracted its plan to convert its Ethereum Trust into a publicly traded ETF, the fund’s discount to net asset value (NAV) […]
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Grayscale’s Bitcoin Trust Halts 78-Day Outflow Streak With $63M Inflow
Statistics indicate that after a prolonged period of 78 days, Grayscale’s Bitcoin Trust has ceased experiencing outflows, observing an infusion of million on Friday, equating to around 1,030 bitcoins. GBTC Sees First Inflows After 78 Days For the time being, Grayscale’s Bitcoin Trust (GBTC) appears to have halted the depletion of bitcoin following its […]
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Grayscale’s Bitcoin ETF Outflows Surpassed for the First Time
Cathie Wood’s ARK 21shares Bitcoin ETF experienced a daily outflow of .5 million on April 2, marking a historic event as it exceeded Grayscale’s Bitcoin Trust’s outflow for the first time since the introduction of spot bitcoin ETFs in the U.S. Despite this outflow and a preceding day’s loss, ARKB remains the third-largest among the […]
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US Bitcoin ETFs See $85.7M Outflow After 4 Days of Gains; Grayscale’s GBTC Leads the Dip
After four days of consecutive inflows, the U.S. spot bitcoin exchange-traded funds (ETFs) experienced a downturn, with .7 million flowing out during Monday’s trading hours. U.S. Spot Bitcoin ETFs’ Momentum Halted With .7M in Outflows, Spotlight on GBTC Between March 25 and March 28, 2024, the U.S. spot bitcoin ETFs enjoyed an upward trend, amassing […]
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Blackrock’s Bitcoin ETF Single-Handedly Offsets Grayscale’s $600M Outflow — IBIT Now Holds 161K BTC
Blackrock’s spot bitcoin exchange-traded fund (ETF), the Ishares Bitcoin Trust (IBIT), single-handedly offset Grayscale’s bitcoin ETF outflow of 0 million on Thursday. Blackrock’s bitcoin ETF has broken both its trading volume and inflow records this week. The fund’s crypto holdings have risen to 161K bitcoins. Blackrock Continues to See Massive Inflows Blackrock’s spot bitcoin exchange-traded […]
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9 Bitcoin ETFs Accumulate 208,878 BTC Worth $10 Billion, Overshadowing Grayscale’s Sell-Off
Since the conclusion of the spot bitcoin exchange-traded fund (ETF) trading sessions on Feb. 9, 2024, the nine freshly launched ETFs have amassed 6,009.49 bitcoin, valued at approximately 8 million. Concurrently, Grayscale’s Bitcoin Trust (GBTC), which evolved into a publicly-traded exchange-traded product, has sold off about 2,252.2 bitcoin, amounting to roughly 8 million. New Bitcoin […]
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Grayscale’s GBTC Bitcoin Holdings: A $6 Billion Exodus in 22 Days
According to data, Grayscale’s Bitcoin Trust, GBTC, recently released another batch of bitcoin valued at 4.19 million. GBTC’s holdings decreased from 482,592.18 bitcoin to the current 478,337.43 bitcoin in just one day, marking a reduction of 4,254.75 coins. Since Jan. 12, 2024, GBTC has offloaded a total of 138,742.56 bitcoin, valued at slightly over billion based on prevailing exchange rates.
Grayscale’s GBTC Sheds Over 22% of Bitcoin Cache Since Public Debut
In the last 22 days, Grayscale’s Bitcoin Trust has divested a significant 138,742.56 BTC. If we distribute this over the entire period evenly, it averages out to approximately 6,308.34 BTC per day. It’s worth noting that GBTC has functioned as a spot bitcoin exchange-traded fund (ETF) for a mere 15 trading days, commencing its trading journey on Jan. 11, 2024.
Grayscale’s fund has been a dominant force in trading volume during 14 out of the 15 trading sessions since its transformation into a publicly traded ETF. On the day after its initial trading debut on Jan. 12, 2024, GBTC held 617,079.99 BTC. Since then, its reserves have dwindled by 22.48%. Onchain metrics provided by Arkham Intelligence reveal a substantial outflow, with GBTC’s transfers consistently staying below the 1,000 BTC per transaction mark.
In early September 2023, Arkham disclosed that GBTC’s holdings were distributed across more than 1,750 distinct addresses, each holding no more than 1,000 BTC. Grayscale had held these coins for an extended period, exemplified by the wallet “1D2Z8,” which initiated a transaction of 868.77 BTC to Coinbase Prime and was first established on Jan. 12, 2021. Notably, some GBTC wallets have experienced balance changes as recent as two months ago, as illustrated by “1BMYG,” created on Nov. 30, 2023, which executed a transfer of 899.99 BTC just yesterday.
Moreover, these long-standing coins, found within a wallet established on Dec. 22, 2020, and left dormant for an extended period, have recently sprung to life. Their purpose? A transfer to a wallet created just two days ago, all in preparation for their ultimate journey to Coinbase. The timeline for redemptions from Grayscale’s Bitcoin Trust remains uncertain, primarily because of its prolonged two-year stint trading below its net asset value (NAV).
This extended period of trading at a discount provided an opening for a potential backlog of savvy traders poised to seize arbitrage opportunities, seeking to profit from the divergence between the share price and the value of bitcoin. This situation implies that redemptions could persist as long as these profitable arbitrage opportunities continue to exist, driven by ever-shifting market dynamics and investor strategies aimed at capitalizing on historical price disparities.
What do you think about the GBTC outflow over the past 22 days? Share your thoughts and opinions about this subject in the comments section below.
Grayscale’s Bitcoin Trust Sees Reduction Slowdown as New ETFs Gain Ground With Over 160,000 BTC Acquired
In the most recent update, Grayscale’s Bitcoin Trust (GBTC) experienced a decrease of 4,461.36 bitcoin, valued at approximately 0.53 million, over the past day. Since Jan. 12, 2024, GBTC has observed a cumulative reduction of about 124,967.54 bitcoin, equivalent to an estimated .33 billion. Meanwhile, the nine recently launched spot bitcoin exchange-traded funds have collectively garnered an impressive total of 160,661.38 bitcoin.
GBTC Sheds Almost 125,000 Bitcoin While 9 Fresh ETFs Gather Over 160,000
Recent trends indicate a slowdown in the outflows from Grayscale’s Bitcoin Trust (GBTC), with each trading day experiencing a smaller decline over the last two sessions. As of Jan. 30, 2024, data revealed that GBTC’s holdings dipped below the 500,000 BTC mark, registering at 496,573.81 BTC. However, in the past 24 hours, the holdings have further decreased by 4,461.36 BTC, bringing the total down to 492,112.45 BTC, currently valued at approximately .43 billion.
The recent reductions in GBTC have been notable, yet they pale in comparison to the substantial drop of 20,803 bitcoin observed on Jan. 26. From Jan. 12 to Jan. 31, 2024, GBTC’s reserves have shrunk from 617,079.99 BTC to 492,112.45 BTC, marking a significant loss of 124,967.54 BTC, according to current metrics. In contrast, Blackrock’s IBIT has seen growth over the past day, increasing from 56,629 BTC to 63,488.22 BTC, an uptick of 6,859.22 BTC.
As highlighted in their Jan. 31, 2024, daily holdings report, Fidelity’s FBTC has witnessed a rise, moving from 47,238 BTC to 53,802.34 BTC. Meanwhile, Ark Invest’s ETF, ARKB, has expanded its holdings to 15,175 BTC, an increase of 385 BTC in the last 24 hours. Bitwise’s BITB has seen a notable jump, going from 13,576.10 to 14,039.54 BTC. According to the latest assets under management (AUM) data, the Invesco Galaxy ETF BTCO is currently holding 6,898 BTC.
In other developments, Vaneck’s HODL ETF now contains 2,941.99 BTC, and Valkyrie’s BRRR ETF has a total of 2,635.29 BTC. Franklin Templeton’s holdings have climbed from 1,363 BTC to a present total of 1,421 BTC. As of Jan. 31, Wisdomtree’s BTCW ETF is holding 260 BTC. Collectively, these nine newly introduced spot bitcoin ETFs have amassed a significant 160,661.38 BTC, valued at .88 billion at the current market rate. Although the combined accumulation of these nine new ETFs is impressive, GBTC’s fund remains notably larger, being 3.11 times more valuable than the aggregate of all nine.
What do you think about the nine new ETFs collecting more than 160,000 bitcoin? Share your thoughts and opinions about this subject in the comments section below.