Grayscale Bitcoin Trust Records Largest Weekly Inflow of…
According to Grayscale’s latest investor study report, the number of investors who were interested in Bitcoin popped from approximately 36% last year to around 55% this year.
Grayscale Bitcoin Trust has recorded its largest weekly inflow ever of $214 million as Bitcoin continues to trade comfortably above $13k.
Notably, according to the news outlet Cointelegraph, the company is on track to control approximately 5% of the Bitcoin circulating supply by the end of next year. In addition, it cited that the company is on track to acquiring 500,000 Bitcoins by the end of next month.
In its third-quarter report, Grayscale indicated that its Bitcoin Trust recorded a $55.3 million inflow per week, which reciprocated to $719.3 million in the three month period.
A few weeks down the line and the company’s Bitcoin weekly inflow has experienced a quadruple. During the Q3 report, grayscale noted that its investors are mainly institutional investors, dominated by hedge funds. This is an indication that institutional investors have flocked into the Bitcoin market before the outcome of the presidential election.
Perhaps this is a move to protect their portfolios from possible stock market volatility that might be caused by the United States presidential election.
Grayscale and Bitcoin Market
Confidence in Bitcoin during uncertain times has spiked in the past few months. As a result, Bitcoin’s market price continues to aim for new yearly all-time highs. This is bolstered by the fact that its demand is rising while its supply is diminishing in the market.
In its latest update at the time of writing, Grayscale Bitcoin Trust had approximately $6.58 billion in Assets Under Management (AUM).
During the 2020 Q3 report, Grayscale reported that its Bitcoin Trust would be ranked as the third-fastest growing product year to date with its assets under management increasing by approximately 147%.
This is because the AUM surged from $1.9 billion to $4.7 billion year to date. Now with almost 70% of the weekly inflow in Grayscale investments interested in Bitcoin, its market value is expected to skyrocket in the near future.
Notably, according to Grayscale’s latest investor study report, the number of investors who were interested in Bitcoin popped from approximately 36% last year to around 55% this year. Combined with the retail traders who are adopting Bitcoin and related digital assets, Bitcoin’s market capitalization is poised to set a new record.
At the time of writing, Bitcoin was trading around $13,649.07, whereby it was up approximately 27.8% in the past 30 days. In addition, Bitcoin has risen approximately 14.5% in the last two weeks and has stagnated around the same level in the past 24 hours.
Its market capitalization according to CoinGecko stands at $252,964,501,647, with its 24-hour trading volume at $22,768,901,626. Notably, its circulating supply stands at 18,533,462 out of the 21 million. Whereby Grayscale holds 481,711 bitcoins.
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