The GBTC Balance metric aims to monitor and delineate the estimated Bitcoin balances held within the Grayscale Bitcoin ETF (GBTC) under Coinbase Custody. This balance estimate is derived from a combination of on-chain analysis and Glassnode's clustering heuristics.

Grayscale initially operated as a closed end fund, which allowed for both cash or in-kind share creation. The closed end fund had an annual fee of 2% which was periodically debited from the aggregate BTC balance. The conversion into an ETF product occurred in January 2024, reducing the annual fee to 1.5%, and enabling NAV arbitrage via both share creation and redemption (cash only, not in-kind).

Disclaimer: The presented balance is an estimate based on on-chain data and clustering methods, and as such may not precisely match the actual GBTC balance. For the most accurate and current balance information, and for a comprehensive understanding of GBTC's historical evolution, it is advised to explore the official Grayscale GBTC ETF website (https://etfs.grayscale.com/gbtc).