Bitcoin ETFs and GBTC: January Breakdown

In January, the Grayscale Bitcoin Trust (GBTC) exchange-traded fund (ETF) sold a significant amount of Bitcoin, while other ETFs purchased more BTC. Public holdings data shows that GBTC sold a total of 132,195 BTC, reducing its Bitcoin holdings by 21% from 619,220 BTC to 487,025 BTC. The other ETFs acquired 142,294 Bitcoin during the same period. The non-GBTC ETFs increased their holdings by 674%, from 18,390 BTC to 160,684 BTC. All ten spot Bitcoin ETFs held a total of 647,709 BTC as of January 31, up 1.6% from the initial total of 637,610 BTC.

The data analyzed is based on publicly available information reported by the ETF issuers, except for BlackRock’s iShares Bitcoin Trust (IBIT), which did not update its daily holdings. Information from the blockchain platform Arkham Intelligence reveals that IBIT holds 57,488 BTC. This suggests that IBIT sold 6,000 BTC on the last day of January, causing it to lose its position as the second-largest spot Bitcoin fund by holdings to Fidelity’s Wise Origin Bitcoin Fund (FBTC), which held 58,400 BTC as of January 31.

Despite the increase in total holdings by the ETFs, the price of Bitcoin has experienced a significant decline in the past month. Starting the year at around $45,000, Bitcoin dropped below $39,000 on January 23. Currently, Bitcoin is trading at $42,215, representing an 8% decrease over the past 30 days. Many analysts and executives viewed the launch of spot Bitcoin ETFs in the U.S. as a “sell the news” event, and some anticipate further pressure from the futures market.

ARK Invest CEO Cathie Wood previously predicted that investors would “sell on the news” of spot Bitcoin ETF approval in the short term. She believes that the long-term outlook for Bitcoin remains promising.