In the last 24 hours, the Grayscale GBTC exchange traded fund sold a record 20,803.83 BTC for a total of $867.98 million, the largest decline in GBTC reserves since it became a publicly traded ETF on January 11, 2024.
However, despite this decline, GBTC Grayscale remains the largest bitcoin ETF with a total reserve of 502,712.60 BTC, equivalent to $21.10 billion.
Since the beginning of January 2024, GBTC has sold a total of 114,367.39 BTC worth $4.77 billion. The fund has also shown significant trading activity, dominating the market on Friday with a total trading volume of $1.68 billion, of which $659.74 million is attributable to GBTC.
GBTC has led the market in all 11 trading sessions since the launch of the new spot bitcoin-ETFs. The maximum trading volume was recorded on January 11 ($2.29 billion), while the minimum trading volume was recorded on January 25 ($501.49 million).
The total trading volume of all ten ETFs now stands at $25.36 billion, with GBTC contributing $16.15 billion, which is 63.68% of the total volume since the beginning of January 2024.
In two weeks, Grayscale has put 114k BTC worth $4.77 billion into circulation. Despite the claim by former Bitmex CEO, Arthur Hayes, that GBTC outflows are the main reason for bitcoin's decline, some have questioned his March 2024 bitcoin price forecast, pointing to his past reputation for providing false signals and market manipulation.