GBTC Holdings Dip Below 500K BTC as Rivals Ramp up Accumulation

The latest information from Grayscale’s GBTC reveals that the trust’s bitcoin holdings person diminished to beneath 500,000, pursuing a departure of 6,138.79 bitcoin from its reserves successful the past day. Conversely, Blackrock’s IBIT has bolstered its bitcoin assets by 4,603.24 bitcoin, valued astatine $199 million.

GBTC’s Bitcoin Holdings Wane arsenic Competing Funds Increase Their Caches

On Jan. 30, 2024, Grayscale’s GBTC’s bitcoin portfolio stood astatine 496,573.81 BTC, with an estimated marketplace worth of $21.43 billion. GBTC has experienced a important depletion successful its bitcoin reserve, with a alteration of astir 120,506.18 BTC, equivalent to astir $5.23 cardinal successful value, since Jan. 12. On Jan. 29, the combined commercialized measurement for each 10 spot bitcoin exchange-traded funds (ETFs) reached $1.59 billion, with GBTC contributing $576.01 cardinal to this figure.

While GBTC experienced a decrease, Blackrock’s IBIT witnessed maturation successful the past day, escalating from 52,025.76 BTC to a existent tally of 56,629.00 BTC, arsenic per the latest IBIT figures. Fidelity’s astir caller update for their holdings connected Jan. 30 remains pending, and arsenic of Jan. 29, FBTC’s holdings were astatine 46,238.09 BTC. However, onchain information indicates an summation to 47,238 BTC. ARKB, managed by Ark Invest and 21shares, present possesses 14,790 BTC. Bitwise’s BITB maintains a reserve of 13,576.10 BTC, having observed nary maturation successful the past day.

The remainder of the ETFs person yet to refresh their holding reports. Currently, Invesco has 6,833 BTC, Vaneck possesses 2,885.46 BTC, Valkyrie owns 2,635.29 BTC, and Franklin Templeton’s holdings are astatine 1,363 BTC. Holding the smallest bitcoin magnitude among the spot bitcoin ETFs is Wisdomtree, with 201 BTC valued astatine $8.7 million. All 9 spot BTC ETFs clasp 140,250.85 BTC arsenic of Jan. 30, 2024.

What bash you deliberation astir GBTC’s cache dropping beneath 500K bitcoin? Share your thoughts and opinions astir this taxable successful the comments conception below.