GBTC Witnesses Bitcoin Reduction as New ETFs Gain Traction
In the latest update, Grayscale’s Bitcoin Trust (GBTC) has seen a reduction of 4,461.36 bitcoin, totaling approximately $190.53 million over the past day.
Since January 12, 2024, GBTC has experienced a cumulative decrease of about 124,967.54 bitcoin, equivalent to an estimated $5.33 billion. On a positive note, the nine recently launched spot bitcoin exchange-traded funds have collectively accumulated an impressive total of 160,661.38 bitcoin. Recent trends suggest a slowing down of outflows from GBTC, with each trading day experiencing smaller declines over the last two sessions.
As of January 30, 2024, GBTC’s holdings have dipped below the 500,000 BTC mark, registering at 496,573.81 BTC. However, in the past 24 hours, the holdings have further decreased to 492,112.45 BTC, currently valued at approximately $21.43 billion. Despite GBTC’s recent reductions, it remains notably larger than the combined value of all nine newly introduced spot bitcoin ETFs, being 3.11 times more valuable.
Clever Robot News Desk 1st February 2024
