Grayscale Investments has increased its Bitcoin holdings by 60,000 tokens in the past 100 days, equivalent to about a third of all Bitcoin produced at the time.
Given that 88% of Grayscale's clients fall into the institutional category, this latest finding could be a bullish indicator of how the business class views Bitcoin.
A investigation Independent published in a Subreddit tracked the number of Bitcoins in the Grayscale Bitcoin Trust (GBTC) since 2017. The report indicated that the number of BTC held by Grayscale increased from 283,192 on February 7, 2020 to 343,594 on May 17, only one hundred days later. According to him official Web site of the trust, on May 15, 2020, the assets under management are equivalent to $ 3.3 billion.
"To a large extent, 60,000 Bitcoins in the last 100 days is approximately 33 – 34% of all newly minted bitcoins in that period, more or less." As concluded by the investigator.
For some context, in the 12 months between December 2018 and 2019, the number of Bitcoins in the Grayscale Trust increased by just 30,000 tokens.
The acquisition rate began to increase, going from 2019 to the current year of 2020. In the ten months between July and May of those years, respectively, the number of currencies in the trust increased by 80,000.
This makes the recent accumulation of 60,000 coins in just 100 days even more remarkable. One assumption would be that bitcoin halving it may have acted as a catalyst. That assumption would be supported, at least partially, by the data, which shows a sharp increase in the acquisition rate from the end of April, just a few weeks before halving.
Institutional interest on the rise?
In 2018, Grayscale's digital asset report for the first half of the year showed that 56% of his investments came from institutional investors.
At the time of publication of the Q1 report by 2020, that number had increased to 88%. While institutional interest shouldn't be seen as a surefire sign of Bitcoin's future success, the numbers suggest that the cryptocurrency is moving away from being regarded as that strange and criminal thing on the internet.
In April, it was revealed Grayscale's Ethereum Trust had acquired almost 50% of all mined ETHs in 2020.
As the research compiler commented, Grayscale Investments is not the only trust in the game:
"And GBTC is just one of many ETFs that people who don't want to play with private keys, etc., can use to acquire Bitcoin, even if it's the largest," they wrote.