Grayscale Bitcoin Trust (GBTC) continues to impact the Bitcoin market. The fund unloaded an additional 15,986.29 BTC into the CEX exchange order books. The fund's assets decreased from 552,681.22 BTC on Tuesday to 536,694.93 BTC on Wednesday.
On January 12, Grayscale held 617,079.99 BTC, indicating that 80,385.06 BTC, valued at $3.19 billion, has been withdrawn from the fund since then. On Tuesday, GBTC once again led in trading volume among the top ten spot Bitcoin exchange-traded funds (ETFs), recording a significant volume of $762 million.
The total volume of all ten ETFs on January 23 reached $1.6 billion, with FBTC Fidelity securing the second position at $357 million in total trading volume. Blackrock's daily inventory update on Wednesday reveals that IBIT currently holds 44,004.52 BTC, valued at $1.74 billion.
FBTC Fidelity owns 38,149.16 BTC, amounting to approximately $1.51 billion. BITB Bitwise holds 11,858.63 BTC. Vaneck's HODL ETF has around 2,715.77 BTC.
Franklin Templeton's EZBC owns 1,305 BTC, and Ark Invest's ETF has accumulated 12,255 BTC. Invesco, though not disclosing the exact amount of held BTC, is presumed 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. Together, these nine spot Bitcoin ETFs hold a total of 118,019.58 BTC, valued at $4.69 billion.
The overall balance of the ETF saga is intriguing. Ten new BTC ETFs acquired 118,000 bitcoins for a total of $4.69 billion, somewhere in over-the-counter (OTC) markets. Meanwhile, Grayscale Bitcoin Trust (GBTC) sold 80,000 BTC for $3.19 billion on traditional exchanges.
The purchases by the ten Bitcoin ETFs had no impact on the Bitcoin price, whereas Grayscale's sales directly influenced the BTC price. Moreover, it seems that Grayscale has no intention of stopping. This appears to have been the plan from the beginning.
Would you believe that it's a mere coincidence that ten funds are buying Bitcoin off-exchange, while one of them is selling almost the same amount on exchanges? Here's a mechanism of a market carousel, tried and tested in gold and silver.
While the crypto enthusiasts are busy inventing various projects involving blockchains, nodes, improving, building web3, and implementing AI, the bankers couldn't care less about your new technologies, along with your AI and neural networks. They stick to the tried-and-true technologies of the oldest scam, over 7,000 years old, and triumph over innovators. Did you really think it would be any different?
