Grayscale’s GBTC Adjusts Holdings as Competitors Witness Varied Growth
Grayscale’s Bitcoin Trust (GBTC) actively reduced its holdings by deducting 3,426.99 BTC on Monday and an additional 2,565.39 BTC on Tuesday from its ETF assets, signaling a strategic shift.
The trust’s current balance stands at 472,345.05 BTC, estimated at $20.34 billion, reflecting a reduction of 144,734.94 BTC since January 12, 2024. Meanwhile, Blackrock’s IBIT increased its holdings by an extra 3,235.87 BTC on Monday, reaching a total of 75,702.51 BTC valued at approximately $3.23 billion. On February 6, 2024, Fidelity’s FBTC boasted a reserve of 62,787.62 BTC, with a market value of $2.66 billion. Other ETFs, including Ark Invest’s 21shares and Bitwise’s BITB, experienced growth in their reserves.
While Grayscale’s Bitcoin Trust actively reduced its position, accumulating data suggests a broader landscape of ETFs in the crypto space. On Tuesday, Bloomberg ETF analyst James Seyffart noted a tapering off of GBTC reductions, stating, “Outflows from GBTC continue shrinking. But so are the inflows to the other products.” Despite a decline in Grayscale’s outflows, observers have pointed out a potential slowdown in overall crypto ETF inflows, indicating a nuanced trend in the market’s sentiment and investment preferences.
Clever Robot News Desk 8th February 2024
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