Bears in Disbelief: Grayscale Holds 2.7% of Bitcoin Supply, Galaxy Posts Strong Results

BTC price gains have GBTC continuing to see record inflows, open interest on CME near $1 Billion while overall futures market hit an ATH, and OTC trading firm posting $1.4 billion in volume.

Grayscale Investments now holds more than 500,000 Bitcoin in its BTC Trust.

Amidst the ongoing rally that saw BTC hitting $17,700 today, Grayscale Bitcoin Trust also increased its BTC stash, now holding about 2.70% of Bitcoin’s supply. This percentage number goes further up when taking the millions of lost Bitcoin into consideration.

The world's largest Bitcoin investment product is trading at a 20.7% premium to Bitcoin's actual price. The company also charges an annual fee of 2%.

Its share GBTC has increased 152% in value in 2020, currently trading at $20.32.

Last week, the fund reported its largest weekly inflow ever with 15,907 BTC worth $215 million.

In the crypto market, bears are also in disbelief with yet another strong week. After recording six green weeks in a row, Bitcoin is at January 7, 2018, highs. This has roughly 99% of the addresses currently holding BTC in profits.

The open interest on CME just went up to a new all-time high of $975 million, accounting for 15.4% of the total open interest in the futures market, which is also at an all-time high of $6.3 billion.

Bitcoin’s blockchain activity is also growing, with the 7-day average of the amount of active BTC addresses at its highest since January 2017 after progressing strongly throughout the bull run this fall.

Not just Bitcoin, but Grayscale’s Ethereum product is also seeing an increase in interest. Grayscale’s Ethereum Trust (ETHE) now holds 2.24% of ETH’s entire cap or $1.175 billion worth of Ether.

In total, Grasyacle has a total of $9.9 million in assets under its management.

Elsewhere, Mike Novogratz’s OTC trading firm, Galaxy, posted strong results in Q3 2020 with over $1.4 billion in trading volume, an increase of 75% YoY. Even LMAX saw its best month ever in Sept. with more than $10 billion in volume.

Galaxy’s net income also came in stronger than last year’s at $44 million vs. a $68 million loss in Q3 2019, which was primarily blamed for the steep losses.

The firm acquired two companies: crypto lender DrawBridge and market maker Blue Fire Capital while sharing its plans to expand in Canada through a partnership with major Canadian investment company CI Global Asset Management to launch a public Bitcoin fund in the country.

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AnTy
AnTy
AnTy has been involved in the crypto space full-time for over two years now. Before her blockchain beginnings, she worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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