The pace of outflows from Grayscale’s Bitcoin Trust (GBTC) has slowed significantly over the past two trading sessions, even as the trust’s total bitcoin holdings fell below the 500,000 BTC mark. According to data from Jan 31, 2024, GBTC shed 4,461.36 BTC (worth approximately $190.5 million) in the last 24 hours, bringing its total to 492,112.45 BTC. Since the launch of spot ETFs on Jan 12, GBTC has lost a cumulative 124,967.54 BTC, valued at around $5.33 billion.
GBTC Outflow Momentum Eases
The outflows have notably decelerated after peaking at 20,803 BTC on Jan 26. The Jan 30 outflow was around 6,000 BTC, and Jan 31’s figure dropped further to 4,461 BTC. Analysts attribute the slowdown to reduced selling pressure from arbitrageurs who had previously taken profits after the ETF conversion. GBTC still manages $21.43 billion in assets, dwarfing the newer funds.
Nine ETFs Rapidly Accumulate Bitcoin
In contrast, the nine spot bitcoin ETFs that launched alongside GBTC’s conversion have aggressively accumulated a combined 160,661.38 BTC (worth $6.88 billion). Leading the pack, BlackRock’s IBIT added 6,859.22 BTC to reach 63,488.22 BTC. Fidelity’s FBTC rose to 53,802.34 BTC, while ARK 21Shares ARKB grew by 385 BTC to 15,175 BTC. Other ETFs include Bitwise BITB (14,039.54 BTC), Invesco Galaxy BTCO (6,898 BTC), VanEck HODL (2,941.99 BTC), Valkyrie BRRR (2,635.29 BTC), Franklin Templeton (1,421 BTC), and WisdomTree BTCW (260 BTC).
Shifting Market Structure
Despite the combined holdings of new ETFs being only about one-third of GBTC (GBTC is 3.11 times larger by bitcoin under management), the inflow trend signals a clear investor shift toward the lower-fee ETF structure. The continued capital influx into these products suggests that total bitcoin held by spot ETFs could expand further, while GBTC’s bleeding may stabilize in the coming weeks.