In the most recent update, Grayscale's Bitcoin Trust (GBTC) experienced a decrease of 4,461.36 bitcoin, valued at approximately $190.53 million, over the past day. Since Jan. 12, 2024, GBTC has observed a cumulative reduction of about 124,967.54 bitcoin, equivalent to an estimated $5.33 billion. Meanwhile, the nine recently launched spot bitcoin exchange-traded funds have collectively garnered an impressive total of 160,661.38 bitcoin.
Slowdown in GBTC Outflows
Recent trends indicate a slowdown in the outflows from Grayscale's Bitcoin Trust (GBTC), with each trading day experiencing a smaller decline over the last two sessions. As of Jan. 30, 2024, data revealed that GBTC's holdings dipped below the 500,000 BTC mark, registering at 496,573.81 BTC. However, in the past 24 hours, the holdings have further decreased by 4,461.36 BTC, bringing the total down to 492,112.45 BTC, currently valued at approximately $21.43 billion.
Significant Reduction in GBTC Reserves
The recent reductions in GBTC have been notable, yet they pale in comparison to the substantial drop of 20,803 bitcoin observed on Jan. 26. From Jan. 12 to Jan. 31, 2024, GBTC's reserves have shrunk from 617,079.99 BTC to 492,112.45 BTC, marking a significant loss of 124,967.54 BTC, according to current metrics. In contrast, Blackrock's IBIT has seen growth over the past day, increasing from 56,629 BTC to 63,488.22 BTC, an uptick of 6,859.22 BTC.
Other ETFs Witnessing Changes in Holdings
As highlighted in their Jan. 31, 2024, daily holdings report, Fidelity's FBTC has witnessed a rise, moving from 47,238 BTC to 53,802.34 BTC. Meanwhile, Ark Invest's ETF, ARKB, has expanded its holdings to 15,175 BTC, an increase of 385 BTC in the last 24 hours. Bitwise's BITB has seen a notable jump, going from 13,576.10 to 14,039.54 BTC. According to the latest assets under management (AUM) data, the Invesco Galaxy ETF BTCO is currently holding 6,898 BTC.
In other developments, Vaneck's HODL ETF now contains 2,941.99 BTC, and Valkyrie's BRRR ETF has a total of 2,635.29 BTC. Franklin Templeton's holdings have climbed from 1,363 BTC to a present total of 1,421 BTC. As of Jan. 31, Wisdomtree's BTCW ETF is holding 260 BTC. Collectively, these nine newly introduced spot bitcoin ETFs have amassed a significant 160,661.38 BTC, valued at $6.88 billion at the current market rate. Although the combined accumulation of these nine new ETFs is impressive, GBTC's fund remains notably larger, being 3.11 times more valuable than the aggregate of all nine.
What do you think about the nine new ETFs collecting more than 160,000 bitcoin? Share your thoughts and opinions about this subject in the comments section below.
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The History of Gold as an Asset
Gold was a currency from ancient times until the early 20th century. It was universally accepted and loved for its beauty, durability, purity and divisibility. Aside from its inherent value, it could be traded internationally. Because there were no internationally recognized standards for measuring and weighing gold, the different weights of this metal could be used worldwide. For example, one pound sterling in England equals 24 carats; one livre tournois equals 25 carats; one mark equals 28 carats; and so on.
The United States started issuing American coins in the 1860s made of 90% copper and 10% zinc. This caused a drop in foreign currency demand which resulted in an increase of their prices. This was when the United States started minting large quantities of gold coins. The result? Gold prices began to fall. Because the U.S. government had too much money coming into circulation, they needed to find a way to pay off some debt. They decided to return some of the gold they had left to Europe.
Many European countries began accepting gold in exchange for the dollar because they did not trust it. However, many European nations stopped using gold to pay after World War I and started using paper currency instead. Since then, the price of gold has increased significantly. Today, although the price fluctuates, gold remains one of the safest investments you can make.
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