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.
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.