Grayscale Bitcoin Investment Trust buys 78,354 BTC in 100 days

Data notifying the purchase of 78,354 BTC (worth 1.75 trillion won) for 100 days until August 27 by the Bitcoin Investment Trust (GBTC) provided by the large US cryptocurrency fund Grayscale has been disclosed. Coinpost reported this on the 1st.

The table below was released on the overseas community bulletin board Reddit. It is accumulating the amount of BTC purchased from GBTC by period. The amount is calculated by deducting the amount up to May 17, 100 days before , from the quantity as of August 27 .

Source: Reddit

Growing demand for Grayscale's investment trust has been evident from before. In particular, in the second quarter of 2020, the total inflow of funds from investment trusts recorded a record high of 95.8 million dollars (about 1,718 billion won). The inflow in the first quarter of 2020, which was the previous high, has increased by about twice. Capital inflows from institutional investors exceed 80%.

In addition, for GBTC, the amount of investment (US dollars) last month increased by about 90% in the first half of 2020, supporting not only rising demand from institutional investors, but also rising BTC prices. At this time, it was revealed in a document filed with the U.S. Securities and Exchange Commission (SEC) that the quantity of BTC increased to about 38.7 million BTC in the second quarter, and it roughly coincides with Reddit's table. Also in August, Grayscale's commercials began airing in the US.

Reddit users above pointed out that the increase in purchases of GBTC is accelerating from April this year. It is estimated that approximately 783 BTC has been purchased per day for the last 100 days, which is equivalent to about 85% of newly issued BTC (783BTC / 900BTC).

[Grayscale's Effort]

Grayscale is actively responding to not only advertising broadcasts, but also cryptocurrency investments.

Last month, it announced that the funds of Bitcoin Cash (BCH) and Litecoin (LTC) were licensed by the US Securities Depository (DTC). Already in public goods provided by financial instruments GBTC addition to Ethernet Solarium Investment Trust ( ETHE ), Ethernet Solarium Classic Investment Trust ( ETCG ), basket-type instruments ' Digital Large Cap Fund 's " 4 kinds by type , BCH and the LTC is devoted then back pieces.

As of July 31, the total amount of grayscale operations amounted to $5.2 billion (about 6,153.1 billion won).

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