Cryptocurrency firm Grayscale just posted a record week with a $215M inflow
Grayscale's Bitcoin holding rose to $6.7 billion after last week's $215 million inflow.
Wed, 04 Nov 2020, 14:30 pm UTC
Grayscale’s Bitcoin (BTC) Trust just posted a record inflow of more than $200 million last week. The figure surpassed previous weekly inflows since the trust’s creation in 2013.
Grayscale recorded the largest inflow last week (until October 29) with around $215 of investments or 15,907 BTC, Cointelegraph reported. Currently, the crypto firm now holds 481,711 BTC worth around $6.7 billion.
The New York-based cryptocurrency investment firm has been in the spotlight lately for its massive purchases of Bitcoin in recent months. In early August, Grayscale bought $110 million worth of BTC in just five days. The firm first purchased 5,973 BTC, worth over $68 million, followed by a second purchase of 3,729 Bitcoins worth around $42 million two days later.
In October, the firm continued its Bitcoin buying spree and purchase 32,000 BTC. If the firm continues this trend, Grayscale is projected to hold around 500,000 BTC in three weeks, which is 2.7 percent of the token’s supply in circulation.
If the trend continues for another year, Grayscale is projected to own 926,600 BTC. This is around 5 percent of Bitcoin’s current supply.
Grayscale Bitcoin Trust’s weekly inflow average rose to more than $55 million in the third quarter of 2020 from a 12-month average of just $39.5 million. The significant rise is attributed to institutional investors, which account for 84 percent of the new funds.
Grayscale Investments, through its Bitcoin Trust, is the top company with the largest holding of BTC. The firm bought 70 percent of newly mined Bitcoin in 2020, which almost doubled its portfolio.
Interest in Bitcoin is also increasing among U.S. investors, according to a recent study jointly conducted by Grayscale Investments and 8 Acre Perspective. The report said that 55 percent of investors show interest in investing in BTC, which is 19 percentage higher than last year.
“This marks a significant increase from the 36% of investors who said they were interested in 2019,” the authors of the report, titled “Bitcoin Investor Study October 2020,” wrote. The study also noted that 63 percent of those who decided to buy the cryptocurrency said that the coronavirus pandemic is a factor when they made the decision.
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