Lowest Volume in Recent Trading for Spot Bitcoin ETFs
Based on the latest data, spot bitcoin exchange-traded funds (ETFs) have experienced their lowest trading volume day since January 11, 2024. On Wednesday, these ETFs recorded approximately $1.28 billion in volume. It is worth noting that this decrease in trading volume comes after a period of more active trading.
Grayscale's Bitcoin Trust GBTC Offloads 13,178.50 Bitcoin
In addition to the decline in trading volume, Grayscale's Bitcoin Trust GBTC has sold off another tranche of bitcoins. This amounts to a total of 13,178.50 bitcoin, valued at $527 million, within the last 24 hours. This further reduction in GBTC's bitcoin holdings is a significant development.
GBTC's Bitcoin Holdings and Value Decrease
As of January 25, Grayscale's GBTC holds 523,516.43 BTC, valued at approximately $20.71 billion based on current BTC exchange rates. This represents a decrease of 13,178.50 BTC from the previous day's holding of 536,694.93 BTC. Since January 12, 2024, GBTC's bitcoin holdings have diminished by 93,563.56 BTC, which is equivalent to a value of $3.74 billion.
GBTC Remains a Major Player Despite Decreased Trading Volume
Although Wednesday's trading sessions saw lower activity compared to previous days, GBTC remained a major player in the market. It commanded $610 million of the total $1.28 billion in trading volume for the day. On the other hand, other spot bitcoin ETFs continue to accumulate bitcoins.
Other ETFs Accumulate Bitcoins
Blackrock's IBIT currently holds 45,668.08 BTC, valued at approximately $1.83 billion. Fidelity's FBTC has not yet updated its daily figures, but onchain metrics suggest it now contains 39,319 BTC. Ark Invest's ETF increased its holding from 12,880 BTC to 12,880 BTC. Bitwise's holdings remain unchanged at 11,858.64 BTC. Vaneck's HODL ETF has experienced a modest rise from 2,715.77 BTC to 2,772.33 BTC, while Franklin Templeton's EZBC increased from 1,305 BTC to 1,344 BTC. The Invesco Galaxy ETF, BTCO, has an estimated 6,339 BTC based on its assets under management (AUM). Valkyrie's BRRR ETF has increased from 2,201.50 BTC to 2,429.72 BTC, and Wisdomtree's BTCW ETF has gone from 191 BTC to 201 BTC. Together, these newly-launched spot bitcoin ETFs now hold a cumulative total of 122,831.77 BTC, worth an estimated $4.91 billion.
Share Your Thoughts
What are your thoughts on the latest GBTC outflow and the accumulation from other ETFs? Share your opinions and insights in the comments section below.
Frequently Asked Questions
What precious metals do you have that you can invest in for your retirement?
The best precious metal investments are gold and silver. Both are easy to sell and can be bought easily. You should add them to your portfolio if you are looking to diversify.
Gold: Gold is one the oldest forms currency known to man. It is stable and very secure. This makes it a good option to preserve wealth in uncertain times.
Silver: Investors have always loved silver. It is an excellent choice for investors who wish to avoid volatility. Silver tends to move up, not down, unlike gold.
Platinium: Another form of precious metal is platinum, which is becoming more popular. It's durable and resists corrosion, just like gold and silver. It's also more expensive than the other two.
Rhodium: Rhodium is used in catalytic converters. It is also used to make jewelry. It is relatively affordable when compared to other types.
Palladium – Palladium is an alternative to platinum that's more common but less scarce. It's also more affordable. Investors looking to add precious and rare metals to their portfolios love it for these reasons.
Can I buy Gold with my Self-Directed IRA?
Your self-directed IRA can be used to purchase gold, but first you need to open an account with a brokerage firm such as TD Ameritrade. You can also transfer funds from another retirement account if you already have one.
The IRS allows individuals to contribute as high as $5,500 ($6,500 if they are married and jointly) to a traditional IRA. Individuals may contribute up to $1,000 ($2,000 if married, filing jointly) directly into a Roth IRA.
If you do decide you want to invest your money in gold, you should look into purchasing physical bullion instead of futures contracts. Futures contracts, which are financial instruments based upon the price of gold, are financial instruments. You can speculate on future prices, but not own the metal. However, physical bullion is real gold or silver bars you can hold in your hands.
How does a gold IRA account work?
People who wish to invest in precious metals can use Gold Ira accounts as a tax-free investment vehicle.
You can purchase gold bullion coins in physical form at any moment. To start investing in gold, it doesn't matter if you are retired.
You can keep gold in an IRA forever. You won't have to pay taxes on your gold investments when you die.
Your gold will be passed on to your heirs, without you having to pay capital gains taxes. Because your gold doesn't belong to the estate, it's not necessary to include it on your final estate plan.
First, an individual retirement account will be set up to allow you to open a golden IRA. Once you've done that, you'll receive an IRA custody. This company acts as a middleman between you and the IRS.
Your gold IRA custodian is responsible for handling all paperwork and submitting the required forms to the IRS. This includes filing annual reporting.
Once you've set up your gold IRA, it's possible to buy gold bullion. The minimum deposit required for gold bullion coins purchase is $1,000 You'll get a higher rate of interest if you deposit more.
Taxes will be charged on gold you have withdrawn from an IRA. If you take out the whole amount, you'll be subject to income taxes as well as a 10 percent penalty.
You may not be required to pay taxes if you take out only a small amount. There are some exceptions, though. There are some exceptions. For instance, if you take out 30% or more from your total IRA assets, federal income taxes will apply plus a 20 percent penalty.
It is best to not take out more than 50% annually of your total IRA assets. If you do, you could face severe financial consequences.
Statistics
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- If you accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal, so you would owe income tax on the item's value and, if you are younger than 59 ½, an additional 10% early withdrawal penalty. (forbes.com)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- (Basically, if your GDP grows by 2%, you need miners to dig 2% more gold out of the ground every year to keep prices steady.) (smartasset.com)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
External Links
forbes.com
- Gold IRA: Add Some Sparkle To Your Retirement Nest Egg
- Understanding China's Evergrande Crisis – Forbes Advisor
irs.gov
cftc.gov
law.cornell.edu
- 7 U.S. Code SS7 – Designation boards of trade as contract market authorities
- 26 U.S. Code SS 408 – Individual retirement accounts
How To
Guidelines for Gold Roth IRA
Start saving as soon as possible to save for your retirement. Start saving as soon and as often as you're eligible (usually around 50 years old) and keep going until retirement. To ensure sufficient growth, it is vital that you contribute enough each year.
You also want to take advantage of tax-free opportunities such as a traditional 401(k), SEP IRA, or SIMPLE IRA. These savings vehicles let you make contributions and not pay taxes until the earnings are withdrawn. This makes them great options for people who don't have access to employer matching funds.
Savings should be done consistently and regularly over time. You'll miss out on any potential tax benefits if you're not contributing the maximum amount allowed.
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By: Jamie Redman
Title: Spot Bitcoin ETFs Hit Lowest Volume Since Jan. 11; Grayscale Unloads Over 13,000 Bitcoin, 9 New ETFs Hold $4.91B in Assets
Sourced From: news.bitcoin.com/grayscales-gbtc-offloads-527m-in-bitcoin-as-spot-etfs-record-lower-trading-volumes-other-funds-continue-btc-accumulation/
Published Date: Thu, 25 Jan 2024 14:00:49 +0000
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GBTC Sees Decrease in Bitcoin Holdings While 9 ETFs Accumulate Over 160,000
