Since January 12, 2024, Grayscale’s Bitcoin Exchange-Traded Fund (ETF) GBTC has withdrawn 50,106.59 bitcoins. Meanwhile, nine recently launched spot Bitcoin ETFs have collectively accumulated 81,366 bitcoins, equivalent to approximately $3.39 billion.
Grayscale, BlackRock, and Fidelity dominate in ETF assets, with over 95% of their BTC stored on Coinbase.
GBTC is the largest holder of bitcoins with a total of 566,973.40 BTC, valued at approximately $23.5 billion.
This figure was obtained after the withdrawal of 50,106.59 BTC from GBTC assets since January 12. The second-largest balance of bitcoins in a spot Bitcoin ETF belongs to BlackRock’s IBIT, which owns 28,622 BTC, equivalent to approximately $1.19 billion.
Fidelity’s Wise Origin ETF (FBTC) holds the third-largest amount of bitcoins, with approximately 24,857 BTC valued at just over $1 billion. Combined, BlackRock and Fidelity’s bitcoin reserves reach 53,479 BTC, accounting for 65.72% of the total volume of all nine recently introduced spot Bitcoin ETFs.
Bitwise’s ETF, known as BITB, controls 10,136 BTC, worth just over $422 million. Ark Invest and 21Shares’ ETFs hold a total of 7,565 BTC, amounting to $315.62 million.
Invesco Galaxy ETF is the next significant holder, owning 6,143 BTC valued at $256 million. Vaneck’s ETF holds 2,150 BTC, followed by Valkyrie ETF with 1,712 BTC, and Franklin Templeton ETF with 1,160 BTC.
The smallest Bitcoin ETF is Wisdomtree spot, with 111 BTC valued at $4.62 million. GBTC and the other nine ETFs hold just over 648,339 BTC, estimated at $27 billion.
In conclusion, GBTC owns an impressive 87.45% of the total BTC volume, while the remaining nine ETFs collectively account for 12.55% of the 648,339 BTC. Importantly, eight out of the ten spot Bitcoin ETFs in the US have entrusted their assets to Coinbase for safekeeping.
If viewed from a formal logic standpoint, it appears that the banking exchange Coinbase, associated with Goldman Sachs, has acquired the largest Bitcoin deposits and surpassed Binance in the number of held bitcoins.
Surprisingly, the world’s largest funds have unquestioningly entrusted the storage of their bitcoins to what is supposedly a hipster commercial project of a crypto exchange. Why not Binance, where everything is “SAFU”? Hasn’t Coinbase been hacked? It has, more than once.
It is Grayscale’s fault for the decline in the price of Bitcoin. By dumping more than 50,000 BTC into the market, it triggered panic and mass selling by small investors. We wait to see what else the bankers will come up with, although it is already clear that nothing good.
Take a look at Coinbase CEO Brian Armstrong. This is what sellout crypto players – servants of global capital – look like.