Grayscale’s GBTC Offloads $527M in Bitcoin as Spot ETFs Record Lower Trading Volumes; Other Funds Continue BTC Accumulation

Based on the latest data, the recently introduced spot bitcoin exchange-traded funds (ETFs) experienced their lowest trading volume day since Jan. 11, 2024, recording roughly $1.28 billion in volume on Wednesday. Additionally, figures indicate that Grayscale’s Bitcoin Trust GBTC has offloaded another tranche of bitcoins, totaling 13,178.50 bitcoin valued at $527 million, in the last 24 hours.

Spot Bitcoin ETFs Hit Lowest Volume Since Jan. 11; Grayscale Unloads Over 13,000 Bitcoin, 9 New ETFs Hold $4.91B in Assets

As of Thursday, Jan. 25, Grayscale’s GBTC possesses 523,516.43 BTC, valued approximately at $20.71 billion based on the current BTC exchange rates. This figure is 13,178.50 BTC less than the previous day when the holding was 536,694.93 BTC. Consequently, since Jan. 12, 2024, GBTC’s bitcoin holdings have diminished by 93,563.56 bitcoin, equivalent to a value of $3.74 billion.

Despite Wednesday’s trading sessions being less vigorous than earlier days, GBTC remained a major player, commanding $610 million of the day’s total $1.28 billion in trading volume. In contrast, other spot bitcoin ETFs are steadily accumulating bitcoins. Blackrock’s IBIT currently possesses 45,668.08 BTC, valued at approximately $1.83 billion.

Fidelity’s FBTC has yet to update its daily figures, with the last recorded amount on Jan. 24 being 38,149.16 BTC. However, onchain metrics as of 8:00 a.m. Eastern Time on Thursday suggest FBTC now contains 39,319 BTC. On Wednesday, Ark Invest’s ETF had a holding of 12,880 BTC, which increased to 12,880 BTC by Thursday. Bitwise’s holdings remain static, with its address “1CKVs” continuing to secure 11,858.64 BTC.

Vaneck’s HODL ETF has experienced a modest rise, moving from 2,715.77 BTC to 2,772.33 BTC within a day. Similarly, Franklin Templeton’s EZBC has escalated from 1,305 BTC to 1,344 BTC. The Invesco Galaxy ETF, known as BTCO, maintains an estimated 6,339 BTC based on its assets under management (AUM). Valkyrie’s BRRR ETF has ascended from 2,201.50 BTC to a present total of 2,429.72 BTC, while Wisdomtree’s BTCW ETF has increased from 191 BTC to 201 BTC. Collectively, these newly launched spot bitcoin ETFs now hold a cumulative total of 122,831.77 BTC, worth an estimated $4.91 billion.

What do you think about the latest GBTC outflow and the accumulation from other ETFs? Share your thoughts and opinions about this subject in the comments section below.