$867 Million Erased — Grayscale’s GBTC Experiences Record 20,803 Bitcoin Reduction in 24 Hours

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Recent data from Grayscale’s GBTC spot bitcoin exchange-traded fund reveals a significant reduction in its holdings, with 20,803.83 bitcoin, valued at $867.98 million, being withdrawn from the fund’s reserves. This substantial outflow, occurring over the past 24 hours, marks the most considerable decrease in GBTC’s reserves since it transformed into a publicly-listed ETF on Jan. 11, 2024.

Grayscale’s Latest GBTC Bitcoin Withdrawal Amounts to $867M, Remains Top ETF Holder

Grayscale’s GBTC holds a significant position with 502,712.60 BTC in its reserves, valued at approximately $21.10 billion. Still, this figure reflects a reduction of 20,803.83 BTC from its holdings on Friday morning, which then amounted to 523,516.43 BTC. Since Jan. 12, 2024, GBTC’s bitcoin holdings have decreased by 114,367.39 BTC, equivalent to $4.77 billion, based on the BTC exchange rates as of Jan. 27, 2024. The fund has also seen substantial trade activity, dominating the market on Friday with $659.74 million out of the $1.68 billion total trade volume across all ten spot bitcoin ETFs.

GBTC has led the market in all 11 trading sessions since the launch of the ten new spot bitcoin ETFs. Its highest trading volume was recorded on Jan. 11, reaching $2.29 billion, while its lowest was on Jan. 25, with a volume of $501.49 million. To date, these ten ETFs have accumulated a total trading volume of $25.36 billion, with GBTC’s transactions contributing $16.15 billion, accounting for 63.68% of the total since Jan. 11, 2024.

Despite competition from new entrants like Blackrock and Fidelity, Grayscale’s trust remains the largest bitcoin-holding fund. The Canadian Purpose Bitcoin ETF (BTCC) holds 33,062 BTC as of Jan. 27, and the ETC Group Physical Bitcoin fund (BTCE), traded on Germany’s Börse Frankfurt, holds 24,856 BTC as of Jan. 25. Even with the presence of these international ETFs and smaller U.S. counterparts like IBIT and FBTC, Grayscale’s trust still surpasses them all in size.

What do you think about the outflows Grayscale’s GBTC has seen since it was transformed into a publicly-listed spot bitcoin ETF? Let us know what you think about this subject in the comments section below.

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