Grayscale’s Bitcoin ETF, GBTC, faces a sharp decline, shedding 82,526 BTC worth $3 billion since its launch. In contrast, nine other spot BTC ETFs, including BlackRock’s IBIT and Fidelity’s FBTC, acquired 102,613 BTC within seven days of trading, valued at $4.1 billion. This surpasses MicroStrategy’s 53% BTC accumulation over three years. GBTC’s massive sell-off contributed to Bitcoin’s 20% drop from $48,000 to $38,700, now trading at $39,926. Analysts link GBTC’s sell-off to FTX exchange’s collapsed estate and high trading fees.
9 spot Bitcoin ETFs buy 100K BTC in 7 days after launch
