GBTC Witnesses Major Outflows While New ETFs Accumulate Reserves
In a notable development before Wednesday’s market opening, Grayscale’s exchange-traded fund, GBTC, revealed a substantial decrease in its bitcoin reserves.
The fund reported holding 605,890.87 bitcoins, but in the latest update, it disclosed a reduction of 13,793.09 bitcoins, equivalent to around $571 million. This decline marks another significant withdrawal from GBTC’s assets within just four days, totaling 24,981.22 bitcoins withdrawn. As of 2:38 p.m. Eastern Time (ET) on Thursday, GBTC’s holdings stand at approximately 592,097.78 bitcoins, valued at around $24.5 billion.
The outflows from GBTC may impact the market, but simultaneously, newly approved spot bitcoin ETFs like Blackrock’s IBIT and Fidelity Wise Origin Bitcoin Fund are accumulating bitcoin reserves. JPMorgan market strategists anticipate an additional $1.5 billion might exit the bitcoin ETF market through GBTC profit-taking, potentially influencing bitcoin prices in the coming weeks. As of Thursday at 4:11 p.m. (ET), BTC was trading at $40,838 per unit.
Clever Robot News Desk 21st January 2024
