Grayscale’s Bitcoin Trust Holding 500K BTC Currently
The latest data shows that Grayscale’s Bitcoin Trust now holds over 500,000 bitcoin, which surpasses $8.3 billion in value. The crypto fund manager now holds 2.69% of Bitcoin’s (BTC) outstanding supply and market capitalization, according to a November 16 post.
However, Chainalysis estimates that almost 3.7 million BTC has been lost. Thus, Grayscale might own almost 3.37% of BTC’s remaining circulating supply.
This fund manager is appealing to institutional investors that are ready to pay a premium to buy and hold crypto via the security of a regulated fund. Notably, shares in the Grayscale Bitcoin Trust are today representing $15.62 worth of Bitcoin each. But, they change hands for around $18.86. That price difference equates to almost a 19% premium. Grayscale reportedly charges a yearly fee of 2%.
Grayscale Bitcoin Trust now holds more than 500,000 $BTC. Yes, you read that right. Learn more about the world’s largest #Bitcoin investment product. #GoGrayscale https://t.co/2sEpUdw8iN pic.twitter.com/9h8nGZ8i4t
— Grayscale (@Grayscale) November 16, 2020
In recent months, the Grayscale Bitcoin Trust has collected a lot of coins with the amount of BTC held by the fund surging by about 50% in the last six months. That is a sharp rise in 2020 for a fund that was launched seven years ago and indicates a possibility of snowballing institutional interest.
In the past week, the fund said that it had acquired its biggest-ever weekly in-flow collecting 15,907 BTC worth $215 million. Grayscale’s Ethereum Trust increased its rate of purchases in 2020, and it now holds about $1.175 billion worth of Ether, which translates to 2.24% of ETH’s entire capitalization.
Grayscale’s eight other crypto funds now manage almost $400 million worth of assets. It brings the total value of digital assets managed by the company to $9.9 million.
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- Bitcoin analyst gives 4 reasons why BTC price will hit $22,000 next
- Major Chinese Bank Selling Bonds Worth $3 Billion for Bitcoin
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Bitcoin at $318,000? Citibank Exec Says It’s Possible
Breaking down a recent Citibank report that has Bitcoin Twitter salivating and skeptical at the same time.
That’s the prediction of one Citibank exec in a report called “Bitcoin: 21st Century Gold” sent last week to institutional clients. In this episode, NLW breaks down the report, including the macro justification that sets the stage as well as the technical analysis that led to these numbers. Ultimately, he argues that what matters isn’t the report’s predictions, but the fact that its very existence suggests a shifting narrative for institutional buyers.
Bitcoin analyst gives 4 reasons why BTC price will hit $22,000 next
Philip Swift, a Bitcoin (BTC) analyst and the creator of Lookintobitcoin.com, laid out four reasons why BTC is headed to $22,000. Both fundamental and technical factors indicate the top cryptocurrency’s momentum is strengthening.
The one-year HODL percentage, the decline of Bitcoin exchange reserves, neutral funding rates, and institutional accumulation point toward a prolonged BTC rally. Swift wrote:
“1yr HODL % still really high? Yep. Bitcoin being rushed off exchanges? Yep. Funding still neutral? Yep. Institutions still buying? Yep. Cool, See you at $22K in a few weeks when price reaches the 350dma x 2 of the Golden Ratio Multiplier.”
Since the start of the fourth quarter on Oct. 1, the price of Bitcoin rose from $10,773 to $16,730 on Binance.
The Bitcoin space refers to long-time BTC holders as “HODLers.” The One-Year HODL Wave shows the growth in the number of investors holding BTC for over a year.
Since the March crash, the One-Year HODL Wave rose from 59% to over 62%. It is now at an all-time high, signifying a clear accumulation trend.
When the number of HODLers increases, it demonstrates an appetite to purchase and hold Bitcoin for a long time. The ongoing trend might show that investors expect a broader Bitcoin rally in the longer term.
During bull cycles, the funding rates of Bitcoin can significantly spike as long holders or buyers overwhelm short-sellers.
The Bitcoin futures market uses the funding rate mechanism to ensure balance in the market. If there are more longs than shorts, the funding rate becomes positive. If so, buyers have to compensate short-sellers and vice versa.
The average funding rate of Bitcoin perpetual futures contracts is at around 0.01%. Throughout the past several months, the funding rate has remained at around 0.01% or sometimes below it.
This shows that there is a decent balance between buyers and sellers, and the market is not overheated as of yet.
As Cointelegraph reported yesterday, around 145,000 BTC has moved out of exchanges throughout the past month.
Major Chinese Bank Selling Bonds Worth $3 Billion for Bitcoin
China Construction Bank, one of the “big four” banks in China, is selling $3 billion in bonds that can be paid for with bitcoin. The bonds will be listed on a regulated Malaysian digital asset exchange.
Beijing-based China Construction Bank (CCB) is selling $3 billion in bonds for bitcoin and U.S. dollars through its unit in Malaysia, the South China Morning Post reported Wednesday. This is the first digital security issued by a Chinese bank on a blockchain, the publication added, noting:
The deal also allows investors to trade these China Construction Bank’s digital certificates using bitcoin on Fusang Exchange, a digital exchange licensed by the financial regulator in Labuan, Malaysia.
“The security would roll over every three months and pay annualized interest of Libor plus 50 basis points, or approximately 0.75%,” the publication conveyed, adding that trading will begin Friday.
What do you think about China Construction Bank selling bonds for bitcoin? Let us know in the comments section below.
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