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    Grayscale’s GBTC Records Massive Bitcoin Exodus: $867M Wiped in 24 Hours

    Grayscale's GBTC faces a historic Bitcoin exodus, witnessing the withdrawal of 20,803 bitcoins valued at $867 million in 24 hours. Despite market challenges, GBTC maintains dominance, holding over 63% of the total trading volume since Jan. 11, 2024.

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      • Record Exodus: Grayscale’s GBTC witnesses a historic withdrawal of 20,803 Bitcoin in 24 hours.
      • Financial Impact: The withdrawn bitcoins amount to a staggering $867 million, impacting GBTC’s total holdings.
      • Market Dominance: Despite challenges from competitors, GBTC remains the largest bitcoin-holding fund, controlling over 63% of the market since Jan. 11, 2024.

       

      • Unprecedented Bitcoin Exodus:
      • Grayscale’s GBTC, a major player in the cryptocurrency market, has seen an unparalleled reduction in its bitcoin holdings. In the last 24 hours, a massive 20,803 bitcoins, valued at $867 million, were withdrawn from the fund’s reserves. This marks the most substantial decrease in GBTC’s holdings since its transition to a publicly-listed ETF on Jan. 11, 2024.
      • Market Dynamics and Dominance:
      • Despite the challenging landscape with new entrants like Blackrock and Fidelity, GBTC maintains its dominance as the largest bitcoin-holding fund. The fund’s total bitcoin holdings currently stand at 502,712.60 BTC, worth approximately $21.10 billion. The recent outflow, totaling 114,367.39 BTC since Jan. 12, 2024, underscores the dynamic nature of the market. GBTC has led in all 11 trading sessions post the launch of ten new spot bitcoin ETFs, contributing to 63.68% of the total trading volume.
    SourceBitcoin.com

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