GBTC Faces Withdrawal While New Spot Bitcoin ETFs Amass $3.39 Billion

Since January 12, 2024, Grayscale’s newly transitioned spot bitcoin exchange-traded fund (ETF), GBTC, witnessed a withdrawal of 50,106.59 bitcoins.

In contrast, the nine recently launched spot bitcoin ETFs collectively accumulated 81,366 bitcoins, valued at approximately $3.39 billion. Recent data highlights the substantial bitcoin holdings of these ETFs, with GBTC remaining the top custodian, holding 566,973.40 BTC, worth an estimated $23.5 billion, even after the recent withdrawal. Blackrock’s IBIT follows as the second-largest holder with 28,622 BTC, valued at around $1.19 billion. Fidelity’s Wise Origin ETF (FBTC) secures the position of the second-largest bitcoin holder, with approximately 24,857 BTC, valued just above $1 billion.

Combined, Blackrock and Fidelity’s bitcoin reserves account for 65.72% of the total held by all nine newly introduced spot bitcoin ETFs. When combined with GBTC, the total BTC held by U.S. spot bitcoin ETFs amounts to just over 648,339 BTC, estimated at $27 billion, as of January 21, 2024. Notably, Coinbase Custody safeguards a substantial 95.83% of the total BTC held by all ten funds, with Fidelity and Gemini overseeing smaller portions of their respective holdings.

Clever Robot News Desk 22^nd January 2024