Grayscale Bitcoin Trust (GBTC) continues to impact the Bitcoin market. The fund unloaded an additional 15,986.29 BTC into the order books of CEX exchanges. The fund’s assets decreased from 552,681.22 BTC on Tuesday to 536,694.93 BTC on Wednesday.
On January 12, the Grayscale fund held 617,079.99 BTC, indicating that 80,385.06 BTC have been withdrawn since then, totaling $3.19 billion. On Tuesday, GBTC once again led in trading volume among the ten spot Bitcoin exchange-traded funds (ETFs), recording a significant volume of $762 million.
The combined volume of all ten ETFs reached $1.6 billion on January 23, with FBTC Fidelity taking second place, reaching $357 million in total trading volume. The Wednesday update of Blackrock’s reserves shows that IBIT currently owns 44,004.52 BTC, valued at $1.74 billion.
FBTC Fidelity owns 38,149.16 BTC, amounting to about $1.51 billion. BITB Bitwise holds 11,858.63 BTC. The Vaneck HODL ETF contains around 2,715.77 BTC.
EZBC Franklin Templeton owns 1,305 BTC, and Ark Invest’s ETF has accumulated 12,255 BTC. Invesco, while not disclosing the exact amount of held BTC, is assumed to own 6,339 BTC in its Invesco Galaxy ETF BTCO.
As of January 24, Wisdomtree’s ETF BTCW has 191 BTC, and Valkyrie’s BRRR ETF manages 2,201.50 BTC. In total, these nine spot Bitcoin ETFs hold a combined total of 118,019.58 BTC, valued at $4.69 billion.
The overall balance of ETFs tells an interesting story. Ten new Bitcoin ETFs acquired 118,000 bitcoins for a total of $4.69 billion in OTC markets. Meanwhile, Grayscale Bitcoin Trust (GBTC) sold 80,000 BTC for $3.19 billion on actual exchanges.
The purchases by the ten Bitcoin ETFs did not affect the price of Bitcoin, while Grayscale’s sales directly impacted the BTC price. Moreover, Grayscale seems to have no intention of stopping. This appears to have been the plan from the beginning.
It’s hard to believe that ten funds are buying Bitcoin in OTC markets, while one of them is selling almost the same amount on exchanges. This is the mechanism of a market carousel, tested in gold and silver.
While crypto enthusiasts are busy with their projects, inventing blockchains, nodes, improving, building web3, and implementing AI, bankers couldn’t care less about your new technologies, along with your AI and neural networks. They use tried-and-true scam technologies that have been around for over 7,000 years and defeat innovators. Did you really think it would be different?