Blackrock’s IBIT Bitcoin Reserves Soar, Securing 70,005 BTC Valued at Nearly $3 Billion

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According to the latest metrics, Grayscale’s Bitcoin Trust, commonly referred to as GBTC, saw a decline of approximately 9,520.27 bitcoins, valued at around $410 million, between Jan. 31 and Feb. 1, 2024. During a two-day period, Blackrock’s spot bitcoin exchange-traded fund (ETF), IBIT, expanded its reserve holdings from 63,488.22 bitcoins to the current total of 70,005.56.

GBTC and IBIT in Flux: Bitcoin Trusts Show Diverging Trends

GBTC recently parted ways with another tranche of bitcoins, as it bid farewell to 9,520.27 BTC in a mere 24-hour window. As of Wednesday, GBTC boasted a bitcoin stash of 492,112.45, but the current tally on Friday stands at 482,592.18 BTC. This shift in holdings brings the estimated value of Grayscale’s Bitcoin Trust balance sheet to a substantial $20.74 billion. On a contrasting note, while GBTC experienced a downturn, Blackrock’s IBIT welcomed a fresh wave of deposits.

Blackrock’s IBIT has risen from 63,488.22 BTC to its current stash of 70,005.56 BTC, with an estimated value of $2.98 billion. Notably, IBIT’s reserves experienced a jump of 6,517.34 BTC within a 48-hour timeframe. A prospectus and holdings update dated Feb. 1 for the Fidelity Wise Origin ETF, FBTC, reveals a similar trend, as the fund expanded its bitcoin holdings. Starting with 53,802.34 BTC on Wednesday, FBTC now proudly boasts 59,224.11 BTC.

Fidelity’s assets under management (AUM) for FBTC presently stand at a substantial $2.53 billion. Meanwhile, Ark Invest’s 21shares ETF, ARKB, has climbed from 15,175 BTC to the current 15,520 BTC. According to onchain statistics, the Bitwise BITB fund has also grown, progressing from 14,039.54 BTC to its current 14,955.52 BTC. Invesco Galaxy ETF BTCO witnessed a slight increase from 6,898 BTC to 7,001 BTC under management.

While Vaneck’s HODL ETF balance of 2,941.9 BTC remained stable during the 24-hour period, Valkyrie’s BRRR ETF saw growth from 2,635.29 BTC to 2,649.46 BTC. Franklin Templeton’s cache of 1,421 BTC remained unchanged throughout this timeframe. Lastly, Wisdomtree’s BTCW ETF maintains its holdings at 260 BTC. In total, these nine new ETFs collectively possess an impressive cache of 173,977.55 BTC, valued at an estimated $7.48 billion.

What do you think about the number of bitcoins spot ETFs amassed over the past few weeks? Share your thoughts and opinions about this subject in the comments section below.

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