What’s Behind Grayscale’s Lack of BTC Update Post-Purchase?

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What's Behind Grayscale's Lack of BTC Update Post-Purchase?
  • Lookonchain highlighted that nine ETFs added 1,352 BTC to their holdings.
  • The iShares Bitcoin Trust and Fidelity Wise Origin Bitcoin Fund received significant inflows.
  • Grayscale Bitcoin Trust experienced an outflow of 15,098 BTC.

The latest update from April 1, shared by Lookonchain, an on-chain analytics firm, has put a spotlight on the Bitcoin ETF market, particularly noting the lack of update from Grayscale on its Bitcoin holdings. 

Despite this, it was revealed that nine ETFs, including Grayscale, managed to collectively add 1,352 BTC to their assets, which marked a significant increase in their market value by about $92.3 million. This move underscores a dynamic period of activity within the crypto ETF space, showcasing the continuous investment inflow and adjustments in the holdings of these funds.

This occurrence stands out as it showcases the deep trust and interest that investors have in Bitcoin ETFs. For instance, the iShares Bitcoin Trust managed by Blackrock and the Fidelity Wise Origin Bitcoin Fund witnessed notable growth, receiving net inflows of 8,885 BTC and 8,679 BTC, respectively, within a week. These numbers reflect strong investor confidence in these funds, indicating a growing enthusiasm for Bitcoin as a solid investment option.

However, the situation was not uniformly positive across all ETFs. The Grayscale Bitcoin Trust, despite holding the most significant amount of BTC among the ETFs listed, experienced a notable outflow of 15,098 BTC during the same timeframe. This indicates a varied investor sentiment within the cryptocurrency market, where fluctuations are common, and trends can shift rapidly.

Overall, the ETFs listed hold a significant total of 835,124 BTC, with a combined 7-day net inflow of 11,029 BTC. This inflow equals an approximate value increase of $732 million, showcasing the substantial impact these ETFs have on the market. The data from Lookonchain offers an insightful view into the evolving Bitcoin investment landscape through ETFs, suggesting a period of accumulation and increased investor confidence.

At the time of this writing, the most recent figures from CoinGecko reveal a decrease in the market value of Bitcoin. At present, Bitcoin (BTC) is being traded at $66,254.61. This means that its price went down by 4.55% in 24 hours and by 6.13% over the past week.

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