Grayscale Investments, one of the largest crypto asset management funds, is reportedly buying 21% of the total new minted Bitcoin supply every month. The news shows the increasing demand from Wall Street in Bitcoin.
Crypto analyst and propagator, Rhythm, tweeted some interesting news yesterday. According to Rhythm, the Grayscale Bitcoin Trust had been accumulating approximately 11,000 BTC in April alone, and with 54,00 BTC mined per month, this accounts for around 21% of the monthly supply.
Grayscale Bitcoin Trust accumulated 11,236 bitcoin in April alone.
Currently 54,000 bitcoin are mined per month.
Right now, they are buying up 21% of the new supply of bitcoin.
In a year, the halvening will double that number to 42% of the supply.
Institutions are FOMOing.
— Rhythm (@Rhythmtrader) May 29, 2019
This enormous increase accumulation of Bitcoin by Grayscale shows the significant uptick in institutional players getting into crypto. It appears institutional interest is playing a leading role in the 2019 BTC price gain whereas the late 2017 bull market was mostly due to retail investments.
Grayscale Investments, founded by the Digital Currency Group and a global leader in digital asset management, published a “Digital Asset Investment Report” recently in which the company stated that product inflows from Grayscale Investments grew by 42 percent over Q4 2018.
Furthermore, and even more interesting, the company also revealed that its Bitcoin Investment Trust (BIT) saw the vast majority of investments in the first quarter, as the trust secured an average weekly investment of $3.2 million.