In as early as 14 weeks time, crypto investment firm Grayscale’s GBTC could run out of bitcoin for fund redemptions, according to blockchain analytics firm Arkham.
Grayscale’s GBTC could run out of bitcoin in 96 days, based on the current rate of redemptions.
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Birt 25. mars 2024 kl. 2:26 EST.
Spot bitcoin exchange-traded funds (ETFs) have taken center stage over the last few months as BlackRock’s bitcoin ETF (IBIT) continues to högg new ETF industry records. As BlackRock’s IBIT reaches new heights, crypto investment firm Grayscale’s GBTC product is struggling with redemptions and could run out of bitcoin to sell in as early as 14 weeks.
Based on the current rate of redemptions, the Grayscale Bitcoin Trust (GBTC) could run out of bitcoin to sell in just 96 days, according to an analysis from blockchain analytics firm Arkham Intelligence. Those calculations were based on the 266,470 BTC that Grayscale transferred out of their wallets for redemptions since the closed-end fund was first converted into an ETF on Jan. 11.
Grayscale started the year holding 618.28K BTC for their Bitcoin Trust GBTC.
They now hold only 356.44K BTC.
If they carry on like this, there’s only 14 weeks until they run out for good.
Follow Grayscale on Arkham:https://t.co/K7P3NmHxvf
— Arkham (@ArkhamIntel) Mars 23, 2024
The firm also noted that GBTC held 356,440 BTC in their wallets as of March 23, compared to the 618,280 BTC back in January.
Meanwhile, BlackRock’s iShares Bitcoin Trust (IBIT) boasts an average daily innstreymi figure of 4,120 BTC every day, worth a little over $274 million at current prices.
As things stand, some market participants have predicted that IBIT will soon bera GBTC’s total bitcoin holdings.
Still, another theory is that the worst could be over for GBTC. Last week, Bloomberg ETF analyst Eric Balchunas noted that the recent uptick in outflows was likely related to bankruptcies, based on the size and consistency.
What a pounding. Thought worst was over. Guess not. Who is leaving now that wasn’t motivated to leave past two months? https://t.co/YNX1dBt2FM
- Eric Balchunas (@EricBalchunas) Mars 21, 2024
March 25, 2024 at 04:23am ET: This story has been updated to correct the GBTC figure cited from Arkham from 277,470 BTC to 266,470 BTC. Changes have also been to the introduction and story description for clarity reasons.
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- Heimild: https://unchainedcrypto.com/gbtc-could-run-out-of-bitcoin-in-14-weeks-arkham/
