Grayscale, the largest Bitcoin trust, has seen a notable decline in its bitcoin holdings. Since Jan. 12, 2024, when GBTC held 617,079.99 bitcoins, its reserves have dropped below the 300,000 mark to 298,445.46 BTC, indicating a divestment of 318,634.53 BTC. This change underscores a significant shift in investment dynamics within the digital asset industry. Blackrock’s IBIT is nearing GBTC’s totals, with IBIT now controlling 274,462.04 BTC.
Grayscale Bitcoin Trust’s BTC reserves as of April 29, 2024.
According to the latest Digital Asset Fund Flows Weekly Report by Coinshares, digital asset investment products have faced outflows for three consecutive weeks, totaling $435 million, marking the largest withdrawal since March this year. The report, published by Coinshares lead research analyst James Butterfill, highlights the challenges faced by the sector amid declining inflows from new issuers, which saw only $126 million in the last week.
The United States witnessed the majority of these outflows, amounting to $388 million, despite having a record inflow of $13.6 billion year-to-date. Meanwhile, Grayscale’s outflows, although still substantial at $440 million, have shown signs of deceleration, marking the lowest in nine weeks.
The outflows predominantly impacted bitcoin and ethereum-based funds, with respective withdrawals of $423 million and $38 million. However, not all news is grim; some digital asset funds encompassing solana (SOL), litecoin (LTC), and chainlink (LINK) saw inflows, indicating a diversification in investment preferences. Notably, multi-coin investment products also experienced inflows, amounting to $7 million.
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