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Reportedly, greyscale investors and some Ethereum whales have accumulated more Bitcoin and Ethereum since the price is at annual lows.
The grayscale has 1% of Bitcoin circulating power
While 2018 continues to be a challenging year for cryptocurrencies, some large players are taking advantage of lower prices to increase their positions in virtual currency.
Second diar, Grayscale Bitcoin Investment Trust (GBTC) now holds over 200,000 BTCs for its clientele of institutional investors. With 17.4 million BTC currently in circulation, this means that Grayscale's Bitcoin investors now own about one percent of the current offering. The figure also places Grayscale at the top of BTC's institutional investment arena.
Despite the one-year bear market, it seems that the company founded by the Digital Currency Group (DCG) in 2013 continues to add to its BTC position on a monthly basis. GBTC earns an annual commission of 2% on investor holdings, so it makes sense to see the company help investors to double their holdings in BTC.
Another aspect related to the increase in BTC bets could come from the fact that the GBTC operates at a premium level. According to the company's website, it charges a 22% premium on Bitcoin compared to the BTC price of the cryptocurrency market 00.
While Grayscale's BTC ownership increases, the opposite is true of the value of assets managed by Trust (AUM). The company's AUM is now around $ 826 million, its lowest point in 2018.
In addition to Grayscale, other institutional investors also appear to expand their BTC shares. In mid-November, when the first wave of price declines occurred, Mati Greenspan reported that eToro customers have marginally increased their positions.
customers @etoro they used this encrypted price drop to increase their BTC stacks.
The red circle shows a small but clear increase in customer holdings since November 14th. pic.twitter.com/pw51UjZU2X
– Mati Greenspan (@MatiGreenspan) November 19, 2018
Ethereum whales are buying at Hodl
The accumulation of major cryptocurrencies is not just limited to Bitcoin, however. Second diar moreover, the whales of Ethereum, that is to say, investors of large capitals with a preference at low time, have acquired more Ether in 2018 than any other year in the history of cryptocurrency.
As in the case of the GBTC, these investors hold a significant portion of Ether's total net offering, around 20 million ETHs or 20% of the total ETH in circulation.
This figure represents a 300 per cent increase in ETH whaling holdings from the beginning of 2017. The prevailing consensus at the moment is the beginning of a period of accumulation and of big money players coming out. from the altcoin / ETH exchange pairs.
Why do you think that big capital investors are acquiring more Bitcoin during a bear market? Let us know your thoughts in the comments section below.
Image courtesy of Diar and Twitter (@MatiGreenspan), Shutterstock, Bitcoinist archives
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