Grayscale Bitcoin Trust (GBTC): Historical Returns

Data Source: from October 2013 to February 2024 (~10 years)
Consolidated Returns as of 29 February 2024
Category: Commodities
Grayscale Bitcoin Trust (GBTC) Fund
FUND • LIVE PERFORMANCE (USD currency)
45.70%
February 2024

In the last 10 Years, the Grayscale Bitcoin Trust (GBTC) Fund obtained a 51.28% compound annual return, with a 122.02% standard deviation.

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The ETF is related to the following investment themes:

  • Asset Class: Commodity
  • Commodity: Bitcoin

Investment Returns as of Feb 29, 2024

The Grayscale Bitcoin Trust (GBTC) Fund guaranteed the following returns.

Returns are calculated in USD, assuming:
  • no fees or capital gain taxes.
  • the actual US Inflation rates.
GRAYSCALE BITCOIN TRUST (GBTC) FUND
Consolidated returns as of 29 February 2024
Swipe left to see all data
  Chg (%) Return (%) Return (%) as of Feb 29, 2024
  1 Day Time ET(*) Mar 2024 1M 6M 1Y 5Y 10Y MAX
(~10Y)
Grayscale Bitcoin Trust (GBTC) Fund n.a. n.a. 45.70 195.83 379.64 65.48 51.28 72.14
US Inflation Adjusted return 45.70 192.49 366.97 58.97 47.20 67.54
Returns over 1 year are annualized | Available data source: since Oct 2013
(*) Eastern Time (ET - America/New York)
US Inflation is updated to Jan 2024. Pending updates, the monthly inflation is set at 0% for the subsequent periods. Current inflation (annualized) is 1Y: 2.71% , 5Y: 4.10% , 10Y: 2.77%

Capital Growth as of Feb 29, 2024

An investment of 1$, since March 2014, now would be worth 62.78$, with a total return of 6178.35% (51.28% annualized).

The Inflation Adjusted Capital now would be 47.75$, with a net total return of 4675.32% (47.20% annualized).
An investment of 1$, since October 2013, now would be worth 286.54$, with a total return of 28553.69% (72.14% annualized).

The Inflation Adjusted Capital now would be 216.09$, with a net total return of 21508.72% (67.54% annualized).

Investment Metrics as of Feb 29, 2024

Metrics of Grayscale Bitcoin Trust (GBTC) Fund, updated as of 29 February 2024.

Metrics are calculated based on monthly returns, assuming:
  • no fees or capital gain taxes.
  • the actual US Inflation rates.
GRAYSCALE BITCOIN TRUST (GBTC) FUND
Advanced Metrics
Data Source: 1 October 2013 - 29 February 2024 (~10 years)
Swipe left to see all data
Metrics as of Feb 29, 2024
1M 3M 6M 1Y 3Y 5Y 10Y MAX
(~10Y)
Investment Return (%) 45.70 83.01 195.83 379.64 8.61 65.48 51.28 72.14
Infl. Adjusted Return (%) details 45.70 82.02 192.49 366.97 2.93 58.97 47.20 67.54
US Inflation (%) 0.00 0.54 1.14 2.71 5.52 4.10 2.77 2.75
Pending updates, the monthly inflation after Jan 2024 is set at 0%. Returns / Inflation rates over 1 year are annualized.
DRAWDOWN
Inflation Adjusted:
Inflation Adjusted:
1Y 3Y 5Y 10Y MAX
Deepest Drawdown Depth (%) -15.41 -83.43 -83.43 -83.43 -84.08
Start to Recovery (# months) details 2 35 35 35 42
Start (yyyy mm) 2023 05 2021 04 2021 04 2021 04 2013 12
Start to Bottom (# months) 1 21 21 21 21
Bottom (yyyy mm) 2023 05 2022 12 2022 12 2022 12 2015 08
Bottom to End (# months) 1 14 14 14 21
End (yyyy mm) 2023 06 2024 02 2024 02 2024 02 2017 05
Longest Drawdown Depth (%) -2.50
same as
deepest

same as
deepest

same as
deepest

same as
deepest
Start to Recovery (# months) details 3
Start (yyyy mm) 2023 07 2021 04 2021 04 2021 04 2013 12
Start to Bottom (# months) 2 21 21 21 21
Bottom (yyyy mm) 2023 08 2022 12 2022 12 2022 12 2015 08
Bottom to End (# months) 1 14 14 14 21
End (yyyy mm) 2023 09 2024 02 2024 02 2024 02 2017 05
Longest negative period (# months) details 2 35 47 69 69
Period Start (yyyy mm) 2023 04 2021 03 2019 07 2018 01 2018 01
Period End (yyyy mm) 2023 05 2024 01 2023 05 2023 09 2023 09
Annualized Return (%) -62.54 -4.31 -2.16 -2.47 -2.47
Deepest Drawdown Depth (%) -15.55 -85.31 -85.31 -85.31 -85.31
Start to Recovery (# months) details 3 35* 35* 35* 35*
Start (yyyy mm) 2023 04 2021 04 2021 04 2021 04 2021 04
Start to Bottom (# months) 2 21 21 21 21
Bottom (yyyy mm) 2023 05 2022 12 2022 12 2022 12 2022 12
Bottom to End (# months) 1 14 14 14 14
End (yyyy mm) 2023 06 - - - -
Longest Drawdown Depth (%) -3.20
same as
deepest

same as
deepest
-82.45 -84.34
Start to Recovery (# months) details 4 36 42
Start (yyyy mm) 2023 07 2021 04 2021 04 2018 01 2013 12
Start to Bottom (# months) 2 21 21 12 21
Bottom (yyyy mm) 2023 08 2022 12 2022 12 2018 12 2015 08
Bottom to End (# months) 2 14 14 24 21
End (yyyy mm) 2023 10 - - 2020 12 2017 05
Longest negative period (# months) details 3 35 47 70 70
Period Start (yyyy mm) 2023 07 2021 03 2019 07 2017 12 2017 12
Period End (yyyy mm) 2023 09 2024 01 2023 05 2023 09 2023 09
Annualized Return (%) -4.21 -9.46 -6.38 -1.35 -1.35
Drawdowns / Negative periods marked with * are in progress
RISK INDICATORS
1Y 3Y 5Y 10Y MAX
Standard Deviation (%) 68.14 79.42 84.89 122.02 192.28
Sharpe Ratio 5.49 0.08 0.75 0.41 0.35
Sortino Ratio 8.42 0.12 1.14 0.82 0.96
Ulcer Index 4.33 53.61 44.58 47.79 53.85
Ratio: Return / Standard Deviation 5.57 0.11 0.77 0.42 0.38
Ratio: Return / Deepest Drawdown 24.64 0.10 0.78 0.61 0.86
% Positive Months details 75% 50% 55% 52% 52%
Positive Months 9 18 33 63 66
Negative Months 3 18 27 57 59
LONG TERM RETURNS
Inflation Adjusted:
Inflation Adjusted:
1Y 3Y 5Y 10Y MAX
Best 10 Years Return (%) - Annualized 51.28 58.38
Worst 10 Years Return (%) - Annualized 32.64
Best 10 Years Return (%) - Annualized 47.20 54.10
Worst 10 Years Return (%) - Annualized 29.05
ROLLING PERIODS
Inflation Adjusted:
Inflation Adjusted:
1Y 3Y 5Y 10Y MAX
Over the latest 10Y
Best Rolling Return (%) - Annualized 1557.21 258.31 142.41 51.28
Worst Rolling Return (%) - Annualized -82.10 -7.28 -17.85
% Positive Periods 64% 97% 93% 100%
SWR - Safe Withdrawal Rate (%) - 100% Success - Annualized 38.61 13.24 10.21 18.41
PWR - Perpetual Withdrawal Rate (%) - 100% Success - Annualized - - - 18.02
WR calculated based on initial capital | Monthly withdrawals adjusted for inflation | Credits: BestRetirementPortfolio.com
Best Rolling Return (%) - Annualized 1522.65 252.65 137.29 47.20
Worst Rolling Return (%) - Annualized -82.45 -11.65 -20.87
% Positive Periods 63% 88% 88% 100%
SWR - Safe Withdrawal Rate (%) - 100% Success - Annualized 38.61 13.24 10.21 18.41
PWR - Perpetual Withdrawal Rate (%) - 100% Success - Annualized - - - 18.02
WR calculated based on initial capital | Monthly withdrawals adjusted for inflation | Credits: BestRetirementPortfolio.com
Over all the available data source (Oct 2013 - Feb 2024)
Best Rolling Return (%) - Annualized 1557.21 258.31 142.41 58.38
Worst Rolling Return (%) - Annualized -82.10 -15.51 -17.85 32.64
% Positive Periods 63% 95% 93% 100%
SWR - Safe Withdrawal Rate (%) - 100% Success - Annualized 38.61 10.47 9.42 8.75
PWR - Perpetual Withdrawal Rate (%) - 100% Success - Annualized - - - 8.06
WR calculated based on initial capital | Monthly withdrawals adjusted for inflation | Credits: BestRetirementPortfolio.com
Best Rolling Return (%) - Annualized 1522.65 252.65 137.29 54.10
Worst Rolling Return (%) - Annualized -82.45 -16.44 -20.87 29.05
% Positive Periods 62% 86% 89% 100%
SWR - Safe Withdrawal Rate (%) - 100% Success - Annualized 38.61 10.47 9.42 8.75
PWR - Perpetual Withdrawal Rate (%) - 100% Success - Annualized - - - 8.06
WR calculated based on initial capital | Monthly withdrawals adjusted for inflation | Credits: BestRetirementPortfolio.com
Terms and Definitions
  • Annualized Portfolio Return: it's the annualized geometric mean return of the portfolio.
  • Deepest/Longest Drawdown: a drawdown refers to the decline in value from a relative peak value to a relative trough. The deepest (or maximum) drawdown is the maximum observed loss from a peak to a trough of a portfolio before a new peak is attained. The longest drawdown is the period observed from a peak to the subsequent peak with the greatest duration.
  • Longest negative period: it's the maximum period for which an overall negative return has been observed.
  • Standard Deviation: it's a measure of the dispersion of returns around the mean.
  • Sharpe Ratio: it's a measure of risk-adjusted performance of the portfolio. It's calculated by dividing the excess return of the portfolio over the risk-free rate by the portfolio standard deviation. The risk-free rate here considered is the 1-3 Mth T-Bill return.
  • Sortino Ratio: another measure of risk-adjusted performance of the portfolio. It's a modification of the Sharpe Ratio (same formula but the denominator is the portfolio downside standard deviation).
  • Ulcer Index: it's a measure of downside risk that quantifies the depth and duration of drawdowns in an investment portfolio.
  • Best/Worst 10Y returns: the best and the worst 10-year return over a time frame.
  • Rolling Returns: N-year returns over a time frame, calculated over all the available data source (best, worst, % of positive returns). Each rolling period, longer than the longest negative period, yielded a non-negative minimum return.
  • Safe Withdrawal Rate (SWR): it's the percentage of the initial portfolio balance that can be withdrawn at the beginning of each month with inflation adjustment, without the portfolio running out of money in any case (money amount withdrawal).
    For instance: Your initial invested capital is 100.000$; withdrawal rate (annualized) is 4%. This means that, in the first month, you will withdraw 100.000 * 4% * 1/12 = 333.33$. The second month, you’ll withdraw 333.33$ plus the inflation monthly rate. You’ll continue adjusting your withdraw monthly for inflation.
  • Perpetual Withdrawal Rate (PWR): it's the percentage of the initial portfolio balance that can be withdrawn at the beginning of each month with inflation adjustment, preserving the original invested capital, adjusted for inflation too.

Correlations as of Feb 29, 2024

Correlation measures to what degree the returns of the two assets move in relation to each other.

Correlation coefficient is a numerical value between -1 and +1. If one variable goes up by a certain amount, the correlation coefficient indicates which way the other variable moves and by how much.
Asset correlations are calculated based on monthly returns.

Monthly correlations of Grayscale Bitcoin Trust (GBTC) Fund vs the main Asset Classes, over different timeframes. Columns are sortable (click on table header to sort).

GRAYSCALE BITCOIN TRUST (GBTC) FUND
Monthly correlations as of 29 February 2024
Swipe left to see all data
Correlation vs GBTC
Asset Class 1 Year 5 Years 10 Years Since
Oct 2013
VTI
US Total Stock Market
0.31
0.47
0.24
0.16
SPY
US Large Cap
0.35
0.46
0.24
0.17
IJR
US Small Cap
0.10
0.41
0.14
0.12
VNQ
US REITs
0.20
0.41
0.17
0.02
QQQ
US Technology
0.21
0.45
0.26
0.18
PFF
Preferred Stocks
-0.14
0.40
0.20
0.12
EFA
EAFE Stocks
0.36
0.36
0.23
0.13
VT
World All Countries
0.33
0.44
0.24
0.15
EEM
Emerging Markets
0.36
0.27
0.17
0.09
VGK
Europe
0.30
0.35
0.23
0.14
VPL
Pacific
0.33
0.35
0.20
0.11
FLLA
Latin America
0.14
0.31
0.14
0.05
BND
US Total Bond Market
0.09
0.30
0.17
0.09
TLT
Long Term Treasuries
0.16
0.18
0.11
0.02
BIL
US Cash
0.32
0.12
0.02
-0.04
TIP
TIPS
0.26
0.40
0.21
0.08
LQD
Invest. Grade Bonds
0.13
0.35
0.20
0.11
HYG
High Yield Bonds
0.22
0.43
0.24
0.15
CWB
US Convertible Bonds
0.06
0.46
0.22
0.13
BNDX
International Bonds
0.14
0.38
0.22
0.14
EMB
Emerg. Market Bonds
0.26
0.34
0.22
0.07
GLD
Gold
0.50
0.22
0.13
-0.03
DBC
Commodities
0.04
0.11
0.10
0.04

If you want to learn more about historical correlations, you can find out here how the main asset class are correlated to each other.

Drawdowns

A drawdown refers to the decline in value from a relative peak value to a relative trough. A maximum drawdown is the maximum observed loss from a peak to a trough of a portfolio before a new peak is attained.

GRAYSCALE BITCOIN TRUST (GBTC) FUND
Drawdown periods
Drawdown periods - Inflation Adjusted
Data Source: 1 March 2014 - 29 February 2024 (10 Years)
Data Source: 1 October 2013 - 29 February 2024 (~10 years)
Inflation Adjusted:
Swipe left to see all data
Drawdown period
Recovery period
Total
Drawdown Start Bottom #Months End #Months #Months Ulcer Index
-83.43% Apr 2021 Dec 2022 21 Feb 2024 14 35 54.35
-82.10% Jan 2018 Dec 2018 12 Nov 2020 23 35 54.79
-69.96% Jun 2014 Aug 2015 15 Jun 2016 10 25 46.73
-31.41% Jul 2016 Aug 2016 2 Dec 2016 4 6 18.61
-30.15% Sep 2017 Sep 2017 1 Nov 2017 2 3 17.45
-21.58% Mar 2014 Apr 2014 2 May 2014 1 3 13.65
-19.43% Jun 2017 Jun 2017 1 Aug 2017 2 3 11.75
-10.81% Jan 2017 Jan 2017 1 Apr 2017 3 4 5.79
Swipe left to see all data
Drawdown (DD)
Occurrencies (EOM)
Drawdown (DD)
Range #Num Every (Avg) Frequency Cumulative Frequency
All Time High (DD=0%) 15 8.1 Months 12.40%
 
DD = 0% 12.40%
 
0% < DD <= -5% 3 40.3 Months 2.48%
 
DD <= -5% 14.88%
 
-5% < DD <= -10% 6 20.2 Months 4.96%
 
DD <= -10% 19.83%
 
-10% < DD <= -15% 2 60.5 Months 1.65%
 
DD <= -15% 21.49%
 
-15% < DD <= -20% 7 17.3 Months 5.79%
 
DD <= -20% 27.27%
 
-20% < DD <= -25% 5 24.2 Months 4.13%
 
DD <= -25% 31.40%
 
-25% < DD <= -30% 3 40.3 Months 2.48%
 
DD <= -30% 33.88%
 
-30% < DD <= -35% 8 15.1 Months 6.61%
 
DD <= -35% 40.50%
 
-35% < DD <= -40% 9 13.4 Months 7.44%
 
DD <= -40% 47.93%
 
-40% < DD <= -45% 5 24.2 Months 4.13%
 
DD <= -45% 52.07%
 
-45% < DD <= -50% 7 17.3 Months 5.79%
 
DD <= -50% 57.85%
 
-50% < DD <= -55% 8 15.1 Months 6.61%
 
DD <= -55% 64.46%
 
-55% < DD <= -60% 8 15.1 Months 6.61%
 
DD <= -60% 71.07%
 
-60% < DD <= -65% 11 11.0 Months 9.09%
 
DD <= -65% 80.17%
 
-65% < DD <= -70% 8 15.1 Months 6.61%
 
DD <= -70% 86.78%
 
-70% < DD <= -100% 16 7.6 Months 13.22%
 
DD <= -100% 100.00%
 
Swipe left to see all data
Drawdown period
Recovery period
Total
Drawdown Start Bottom #Months End #Months #Months Ulcer Index
-85.31% Apr 2021 Dec 2022 21 in progress 14 35 57.70
-82.45% Jan 2018 Dec 2018 12 Dec 2020 24 36 55.12
-70.11% Jun 2014 Aug 2015 15 Jun 2016 10 25 46.78
-31.50% Jul 2016 Aug 2016 2 Dec 2016 4 6 18.81
-30.50% Sep 2017 Sep 2017 1 Nov 2017 2 3 17.72
-21.89% Mar 2014 Apr 2014 2 May 2014 1 3 13.82
-19.48% Jun 2017 Jun 2017 1 Aug 2017 2 3 11.80
-11.17% Jan 2017 Jan 2017 1 Apr 2017 3 4 6.10
Swipe left to see all data
Drawdown (DD)
Occurrencies (EOM)
Drawdown (DD)
Range #Num Every (Avg) Frequency Cumulative Frequency
All Time High (DD=0%) 13 9.3 Months 10.74%
 
DD = 0% 10.74%
 
0% < DD <= -5% 3 40.3 Months 2.48%
 
DD <= -5% 13.22%
 
-5% < DD <= -10% 5 24.2 Months 4.13%
 
DD <= -10% 17.36%
 
-10% < DD <= -15% 5 24.2 Months 4.13%
 
DD <= -15% 21.49%
 
-15% < DD <= -20% 6 20.2 Months 4.96%
 
DD <= -20% 26.45%
 
-20% < DD <= -25% 3 40.3 Months 2.48%
 
DD <= -25% 28.93%
 
-25% < DD <= -30% 5 24.2 Months 4.13%
 
DD <= -30% 33.06%
 
-30% < DD <= -35% 6 20.2 Months 4.96%
 
DD <= -35% 38.02%
 
-35% < DD <= -40% 6 20.2 Months 4.96%
 
DD <= -40% 42.98%
 
-40% < DD <= -45% 8 15.1 Months 6.61%
 
DD <= -45% 49.59%
 
-45% < DD <= -50% 6 20.2 Months 4.96%
 
DD <= -50% 54.55%
 
-50% < DD <= -55% 12 10.1 Months 9.92%
 
DD <= -55% 64.46%
 
-55% < DD <= -60% 7 17.3 Months 5.79%
 
DD <= -60% 70.25%
 
-60% < DD <= -65% 8 15.1 Months 6.61%
 
DD <= -65% 76.86%
 
-65% < DD <= -70% 8 15.1 Months 6.61%
 
DD <= -70% 83.47%
 
-70% < DD <= -100% 20 6.1 Months 16.53%
 
DD <= -100% 100.00%
 
Swipe left to see all data
Drawdown period
Recovery period
Total
Drawdown Start Bottom #Months End #Months #Months Ulcer Index
-84.08% Dec 2013 Aug 2015 21 May 2017 21 42 58.90
-83.43% Apr 2021 Dec 2022 21 Feb 2024 14 35 54.35
-82.10% Jan 2018 Dec 2018 12 Nov 2020 23 35 54.79
-30.15% Sep 2017 Sep 2017 1 Nov 2017 2 3 17.45
-19.43% Jun 2017 Jun 2017 1 Aug 2017 2 3 11.75
Swipe left to see all data
Drawdown (DD)
Occurrencies (EOM)
Drawdown (DD)
Range #Num Every (Avg) Frequency Cumulative Frequency
All Time High (DD=0%) 13 9.7 Months 10.32%
 
DD = 0% 10.32%
 
0% < DD <= -5% 1 126.0 Months 0.79%
 
DD <= -5% 11.11%
 
-5% < DD <= -10% 2 63.0 Months 1.59%
 
DD <= -10% 12.70%
 
-10% < DD <= -15% 1 126.0 Months 0.79%
 
DD <= -15% 13.49%
 
-15% < DD <= -20% 4 31.5 Months 3.17%
 
DD <= -20% 16.67%
 
-20% < DD <= -25% 2 63.0 Months 1.59%
 
DD <= -25% 18.25%
 
-25% < DD <= -30% 7 18.0 Months 5.56%
 
DD <= -30% 23.81%
 
-30% < DD <= -35% 9 14.0 Months 7.14%
 
DD <= -35% 30.95%
 
-35% < DD <= -40% 7 18.0 Months 5.56%
 
DD <= -40% 36.51%
 
-40% < DD <= -45% 6 21.0 Months 4.76%
 
DD <= -45% 41.27%
 
-45% < DD <= -50% 8 15.8 Months 6.35%
 
DD <= -50% 47.62%
 
-50% < DD <= -55% 10 12.6 Months 7.94%
 
DD <= -55% 55.56%
 
-55% < DD <= -60% 9 14.0 Months 7.14%
 
DD <= -60% 62.70%
 
-60% < DD <= -65% 9 14.0 Months 7.14%
 
DD <= -65% 69.84%
 
-65% < DD <= -70% 8 15.8 Months 6.35%
 
DD <= -70% 76.19%
 
-70% < DD <= -100% 30 4.2 Months 23.81%
 
DD <= -100% 100.00%
 
Swipe left to see all data
Drawdown period
Recovery period
Total
Drawdown Start Bottom #Months End #Months #Months Ulcer Index
-85.31% Apr 2021 Dec 2022 21 in progress 14 35 57.70
-84.34% Dec 2013 Aug 2015 21 May 2017 21 42 59.52
-82.45% Jan 2018 Dec 2018 12 Dec 2020 24 36 55.12
-30.50% Sep 2017 Sep 2017 1 Nov 2017 2 3 17.72
-19.48% Jun 2017 Jun 2017 1 Aug 2017 2 3 11.80
Swipe left to see all data
Drawdown (DD)
Occurrencies (EOM)
Drawdown (DD)
Range #Num Every (Avg) Frequency Cumulative Frequency
All Time High (DD=0%) 11 11.5 Months 8.73%
 
DD = 0% 8.73%
 
0% < DD <= -5% 2 63.0 Months 1.59%
 
DD <= -5% 10.32%
 
-5% < DD <= -10% 2 63.0 Months 1.59%
 
DD <= -10% 11.90%
 
-10% < DD <= -15% 2 63.0 Months 1.59%
 
DD <= -15% 13.49%
 
-15% < DD <= -20% 3 42.0 Months 2.38%
 
DD <= -20% 15.87%
 
-20% < DD <= -25% 1 126.0 Months 0.79%
 
DD <= -25% 16.67%
 
-25% < DD <= -30% 6 21.0 Months 4.76%
 
DD <= -30% 21.43%
 
-30% < DD <= -35% 7 18.0 Months 5.56%
 
DD <= -35% 26.98%
 
-35% < DD <= -40% 5 25.2 Months 3.97%
 
DD <= -40% 30.95%
 
-40% < DD <= -45% 9 14.0 Months 7.14%
 
DD <= -45% 38.10%
 
-45% < DD <= -50% 7 18.0 Months 5.56%
 
DD <= -50% 43.65%
 
-50% < DD <= -55% 15 8.4 Months 11.90%
 
DD <= -55% 55.56%
 
-55% < DD <= -60% 8 15.8 Months 6.35%
 
DD <= -60% 61.90%
 
-60% < DD <= -65% 6 21.0 Months 4.76%
 
DD <= -65% 66.67%
 
-65% < DD <= -70% 9 14.0 Months 7.14%
 
DD <= -70% 73.81%
 
-70% < DD <= -100% 33 3.8 Months 26.19%
 
DD <= -100% 100.00%
 

Rolling Returns

( more details)

A rolling return is a measure of investment performance that calculates the return of an investment over a set period of time, with the starting date rolling forward. This approach can provide a more accurate representation of the investment's historical performance and helps investors to evaluate the investment's consistency over time.

GRAYSCALE BITCOIN TRUST (GBTC) FUND
Annualized Rolling Returns
Annualized Rolling Returns - Inflation Adjusted
Data Source: 1 March 2014 - 29 February 2024 (10 Years)
Data Source: 1 October 2013 - 29 February 2024 (~10 years)
Inflation Adjusted:
Swipe left to see all data
Rolling
Period
Worst Period
15th Percentile
50th Percentile
85th Percentile
Best Period
Latest Negative
Periods
Ann.
Return
From
To
Growth
of 1$
Ann.
Return
Growth
of 1$
Ann.
Return
Growth
of 1$
Ann.
Return
Growth
of 1$
Ann.
Return
From
To
Growth
of 1$
1Y -82.10 01/2018
12/2018
0.17$ -58.30 0.41$ 57.74 1.57$ 296.91 3.96$ 1557.21 01/2017
12/2017
16.57$ 379.64 35.78%
2Y -49.10 01/2021
12/2022
0.25$ -21.09 0.62$ 51.06 2.28$ 215.93 9.98$ 521.72 09/2015
08/2017
38.65$ 37.23 25.77%
3Y -7.28 07/2019
06/2022
0.79$ 8.45 1.27$ 66.50 4.61$ 141.90 14.15$ 258.31 01/2015
12/2017
46.00$ 8.61 2.35%
5Y -17.85 01/2018
12/2022
0.37$ 8.14 1.47$ 76.25 17.00$ 111.09 41.90$ 142.41 04/2016
03/2021
83.70$ 65.48 6.56%
7Y 42.57 01/2016
12/2022
11.97$ 52.01 18.75$ 67.14 36.43$ 83.89 71.11$ 91.10 11/2014
10/2021
93.06$ 71.59 0.00%
10Y 51.28 03/2014
02/2024
62.78$ 51.28 62.78$ 51.28 62.78$ 51.28 62.78$ 51.28 03/2014
02/2024
62.78$ 51.28 0.00%
Annualized rolling and percentiles/median returns over full calendar month periods
Swipe left to see all data
Rolling
Period
Worst Period
15th Percentile
50th Percentile
85th Percentile
Best Period
Latest Negative
Periods
Ann.
Return
From
To
Growth
of 1$
Ann.
Return
Growth
of 1$
Ann.
Return
Growth
of 1$
Ann.
Return
Growth
of 1$
Ann.
Return
From
To
Growth
of 1$
1Y -82.45 01/2018
12/2018
0.17$ -60.71 0.39$ 54.41 1.54$ 292.67 3.92$ 1522.65 01/2017
12/2017
16.22$ 366.97 36.70%
2Y -52.34 01/2021
12/2022
0.22$ -24.29 0.57$ 48.56 2.20$ 208.86 9.53$ 512.59 09/2015
08/2017
37.52$ 31.54 27.84%
3Y -11.65 07/2019
06/2022
0.68$ 2.93 1.09$ 64.91 4.48$ 139.33 13.70$ 252.65 01/2015
12/2017
43.85$ 2.93 11.76%
5Y -20.87 01/2018
12/2022
0.31$ 4.23 1.22$ 72.21 15.14$ 105.85 36.96$ 137.29 04/2016
03/2021
75.22$ 58.97 11.48%
7Y 37.99 01/2016
12/2022
9.52$ 46.90 14.76$ 62.06 29.35$ 79.79 60.71$ 86.99 11/2014
10/2021
79.93$ 65.85 0.00%
10Y 47.20 03/2014
02/2024
47.75$ 47.20 47.75$ 47.20 47.75$ 47.20 47.75$ 47.20 03/2014
02/2024
47.75$ 47.20 0.00%
Annualized rolling and percentiles/median returns over full calendar month periods
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Rolling
Period
Worst Period
15th Percentile
50th Percentile
85th Percentile
Best Period
Latest Negative
Periods
Ann.
Return
From
To
Growth
of 1$
Ann.
Return
Growth
of 1$
Ann.
Return
Growth
of 1$
Ann.
Return
Growth
of 1$
Ann.
Return
From
To
Growth
of 1$
1Y -82.10 01/2018
12/2018
0.17$ -59.54 0.40$ 55.57 1.55$ 290.72 3.90$ 1557.21 01/2017
12/2017
16.57$ 379.64 36.84%
2Y -49.10 01/2021
12/2022
0.25$ -24.71 0.56$ 40.37 1.97$ 215.93 9.98$ 521.72 09/2015
08/2017
38.65$ 37.23 27.45%
3Y -15.51 12/2013
11/2016
0.60$ 5.42 1.17$ 58.62 3.99$ 141.90 14.15$ 258.31 01/2015
12/2017
46.00$ 8.61 4.44%
5Y -17.85 01/2018
12/2022
0.37$ 9.30 1.55$ 74.84 16.34$ 110.46 41.28$ 142.41 04/2016
03/2021
83.70$ 65.48 6.06%
7Y 42.57 01/2016
12/2022
11.97$ 51.51 18.32$ 64.22 32.21$ 83.89 71.11$ 91.10 11/2014
10/2021
93.06$ 71.59 0.00%
10Y 32.64 12/2013
11/2023
16.85$ 32.64 16.85$ 40.48 29.93$ 56.45 87.84$ 58.38 10/2013
09/2023
99.34$ 51.28 0.00%
Annualized rolling and percentiles/median returns over full calendar month periods
Swipe left to see all data
Rolling
Period
Worst Period
15th Percentile
50th Percentile
85th Percentile
Best Period
Latest Negative
Periods
Ann.
Return
From
To
Growth
of 1$
Ann.
Return
Growth
of 1$
Ann.
Return
Growth
of 1$
Ann.
Return
Growth
of 1$
Ann.
Return
From
To
Growth
of 1$
1Y -82.45 01/2018
12/2018
0.17$ -61.89 0.38$ 54.19 1.54$ 285.69 3.85$ 1522.65 01/2017
12/2017
16.22$ 366.97 37.72%
2Y -52.34 01/2021
12/2022
0.22$ -27.08 0.53$ 36.30 1.85$ 208.86 9.53$ 512.59 09/2015
08/2017
37.52$ 31.54 29.41%
3Y -16.44 12/2013
11/2016
0.58$ 2.46 1.07$ 55.53 3.76$ 139.33 13.70$ 252.65 01/2015
12/2017
43.85$ 2.93 13.33%
5Y -20.87 01/2018
12/2022
0.31$ 5.22 1.28$ 71.91 15.01$ 105.85 36.96$ 137.29 04/2016
03/2021
75.22$ 58.97 10.61%
7Y 37.99 01/2016
12/2022
9.52$ 46.65 14.58$ 61.08 28.13$ 79.79 60.71$ 86.99 11/2014
10/2021
79.93$ 65.85 0.00%
10Y 29.05 12/2013
11/2023
12.80$ 29.05 12.80$ 36.68 22.76$ 52.21 66.74$ 54.10 10/2013
09/2023
75.50$ 47.20 0.00%
Annualized rolling and percentiles/median returns over full calendar month periods

If you need a deeper detail about rolling returns, please refer to the Grayscale Bitcoin Trust (GBTC) Fund: Rolling Returns page.

Seasonality

In which months is it better to invest in Grayscale Bitcoin Trust (GBTC) Fund?

Both the Average Return and the Gain Frequency (Win %) are useful to get an idea of what happened in the past.
For further information about the seasonality, check the Asset Class Seasonality page.
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Monthly Average Return (%) and Gain Frequency
Return (%) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Average
Gain Frequency
14.88
80%
13.52
60%
8.19
80%
11.46
60%
0.92
40%
4.10
40%
12.50
60%
-3.45
40%
-9.08
20%
27.32
100%
3.66
40%
0.74
40%
Best 46.6
2023
45.7
2024
41.8
2023
38.6
2020
67.3
2019
38.2
2023
33.4
2020
8.7
2021
2.6
2023
46.8
2021
50.8
2020
38.0
2020
Worst -23.4
2022
-9.6
2020
-27.7
2020
-13.6
2022
-35.5
2021
-41.3
2022
-9.8
2019
-15.3
2022
-18.9
2020
5.0
2019
-24.6
2022
-25.9
2021
Monthly Seasonality over the period Nov 2013 - Feb 2024
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Monthly Average Return (%) and Gain Frequency
Return (%) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Average
Gain Frequency
-2.39
50%
14.06
80%
-2.03
50%
14.43
60%
28.34
60%
1.25
30%
6.64
60%
7.47
30%
-9.96
30%
17.18
80%
10.97
50%
6.15
50%
Best 46.6
2023
45.7
2024
41.8
2023
51.1
2018
251.5
2017
53.1
2016
33.4
2020
139.3
2017
9.8
2016
46.8
2021
83.6
2017
40.0
2015
Worst -31.7
2016
-9.6
2020
-41.2
2018
-13.6
2022
-35.5
2021
-41.3
2022
-20.5
2016
-15.3
2022
-30.1
2017
-15.1
2018
-26.0
2018
-25.9
2021
Monthly Seasonality over the period Nov 2013 - Feb 2024
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Monthly Average Return (%) and Gain Frequency
Return (%) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Average
Gain Frequency
-0.99
55%
9.82
73%
-2.03
50%
14.43
60%
28.34
60%
1.25
30%
6.64
60%
7.47
30%
-9.96
30%
20.86
82%
54.44
55%
2.35
45%
Best 46.6
2023
45.7
2024
41.8
2023
51.1
2018
251.5
2017
53.1
2016
33.4
2020
139.3
2017
9.8
2016
57.7
2013
489.2
2013
40.0
2015
Worst -31.7
2016
-32.6
2014
-41.2
2018
-13.6
2022
-35.5
2021
-41.3
2022
-20.5
2016
-15.3
2022
-30.1
2017
-15.1
2018
-26.0
2018
-35.6
2013
Monthly Seasonality over the period Nov 2013 - Feb 2024

Monthly Returns

This section provides a visual/tabular representation of the performance variability in the Grayscale Bitcoin Trust (GBTC) Fund over time. It illustrates the distribution of monthly returns, showcasing the range and frequency of positive and negative returns.

GRAYSCALE BITCOIN TRUST (GBTC) FUND
Monthly Returns Distribution
Data Source: 1 March 2014 - 29 February 2024 (10 Years)
Data Source: 1 October 2013 - 29 February 2024 (~10 years)
63 Positive Months (53%) - 57 Negative Months (48%)
66 Positive Months (53%) - 59 Negative Months (47%)
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(Scroll down to see all data)
Investment Returns, up to May 2015, have been derived using the historical series of equivalent ETFs / Assets.
You can find additional information on extended Data Sources here.

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