Grayscale Bitcoin Trust (GBTC) Accumulated Over 11,000 BTC in April Out of 54,000 Bitcoin Mined

Analysts have noted that Grayscale Bitcoin Trust (GBTC) is buying more than a fifth of newly mined BTC. This shows that even wall street has developed an appetite for Bitcoin.

Prominent crypto trader @Rhythmtrader notes:

Notably, this marks a significant increase in institutional acceptance of the crypto. In fact, during the latest bull run established institutions have played a pivotal role in catalyzing the increase in value of bitcoin.

Additionally, Grayscale Digital Assets Fund is spearheading the campaign to convince investors on the institutional front to #DropGold and invest in Bitcoin, which is gaining momentum with every bullish BTC cycle. As Bitcoin rose above the $8,500 mark and recorded a yearly high, Grayscale’s Assets under Management [AUM] broke the $2 billion ceiling.

Shares of the Grayscale Bitcoin Investment Trust (GBTC) have seen a serious increase in their price throughout the past month. Unlike regular cryptocurrency exchanges where the price topped at around $8,900, GBTC saw it shares soar up to $11.44 at the time of this writing. To put things in perspective, each share of GBTC represents exactly 0.00098247 BTC. Doing the simple math shows us that at an $11.44 valuation per share, 1 BTC is currently worth roughly around $11,644.

Paying a 37% premium might seem strange to some, however as noted by Grayscale, GBTC shares are supposed to be the very first publicly quoted securities which are solely invested in and deriving their value from the price of Bitcoin.

Data shows that the number of wallets holding between 1,000 and 10,000 bitcoin has seen a sharp increase since the crypto market bottomed this winter, indicating significant accumulation during the price dip. This shows that not only are institutions interested in Bitcoin, but also the whales in the ecosystem.

Whale Wallets Accumulating Bitcoin During 2018 Bear Market

BitcoinExchangeGuide had earlier reported about a report released by Diar that shows that 26% of the current supply of Bitcoin is currently stored in addresses that have a balance between 1,000 and 10,000 BTC. Back in August 2018, these addresses held under 20% of the total Bitcoin supply.

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