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Grayscale keeps buying BTC in the bear market, now owns 1% of circulating supply

The current prolonged bear cycle doesn’t always mean selloff, Grayscale Bitcoin Investment Trust chose to pile up their Bitcoin stack, instead.

Not everyone is dumping their Bitcoin in the prolonged bear cycle. Digital Currency Group’s asset manager, Grayscale, for instance, is reported to have been piling up their Bitcoin stack while the bear is ruling.

According to Diar, Grayscale’s Bitcoin Investment Trust (GBTC) now owns 203,000 BTC, making them the owner of more than 1% of total Bitcoin circulating supply.

As of writing time, the total holding is worth around $790,530,608, which makes them the largest Bitcoin institutional investor.

Grayscale Bitcoin ownership

The above chart clearly shows that when Bitcoin price was decreasing, the amount of Bitcoin owned by Grayscale was instead increasing.

It seems like the prolonged bear market doesn’t make Bitcoin trust less appealing to accredited investors. According to Grayscale’s website, it is set for trading at 22% premium over current Bitcoin price.


Source 
Author: FIFI ARISANDI
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Author: Simon Price
Simon has been active in the cryptosphere for over 7 years and is passionate about new technology. When he's not blogging and trading he can be found catching the surf on his local beach.

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Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

Don’t forget to join our facebook page for Crypto, Business & Technology news delivered to you daily.

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