Since updating its website, data reveals that Grayscale has recorded a significant reduction in its Bitcoin holdings.
The data shows that a total of 11,189 Bitcoins were withdrawn from GBTC’s reserves, which are valued at $477 million.
Meanwhile, other companies like BlackRock and Fidelity, have seen an increase in their Bitcoin holdings since the launch of their spot Bitcoin exchange-traded funds (ETFs).
The decline
The data obtained on Wednesday, January 17th, showed that the total number of Bitcoins held by Grayscale had declined to 605,890.87, which were valued at $25.84 billion.
This is a reduction of 11,189 bitcoins from the figures recorded on January 13th when the company’s bitcoin holdings had stood at 617,079.
The withdrawal of bitcoin worth $477 million is similar to the outflows that had been recorded in the initial days of trading of Bitcoin ETFs on January 11th and January 12th.
Meanwhile, the iShares Bitcoin Trust that was launched by BlackRock, the world’s largest asset manager, has a total of 16,361 bitcoins, which are valued at $707.42 million.
Moreover, the 12,112 bitcoin tokens are held by the Fidelity wise Origin Bitcoin Fund (FBTC), which are worth $516 million.
Other funds
There has been an increase in the holdings of both FBTC and IBIT since their last update. The BTCB fund of Bitwise holds 5,550 BTC, as reported on January 13th.
The latest data on January 16th showed that there had been an increase in ARK 21 shares Bitcoin ETF (ARKB) from 1,625 to 2,535.
There was also an increase recorded in VanEck’s HODL fund, as its holdings rose to 1,867 BTC from 1,640.92.
Named BTCO, the ETF launched by Galaxy and Invesco holds a total of 1,131 bitcoins, which are worth $48 million.
The holdings reported by Franklin Templeton on January 13th remained unchanged at 1,131 bitcoins. Wisdometree’s BTCW and Valkyrie’s BRRR funds hold 74 and 1,103 BTC, respectively.
The breakdown
Collectively, all the ETFs currently hold a total of 40,751 bitcoins, which are approximately 6.725% of the total BTC holdings of Grayscale Bitcoin Trust (GBTC).
Eric Balchunas, a senior ETF analyst at Bloomberg, took to X to highlight the remarkable outflow of bitcoin from GBTC’s holdings.
The analyst said that it cannot be denied that the outflow of Bitcoin is significant and not a good sign.
He went on to say that the bottom chart would remain in the red for a while but also said that there was good news because there was a decline in the discount.
He asserted that as the discount continues to decline, there would be less pressure within the ETF of people wanting to get out.
Along with approving other spot Bitcoin ETFs, the US Securities and Exchange Commission (SEC) also gave Grayscale the greenlight to convert its GBTC into an ETF.