New data from the GBTC Bitcoin Tracker shows that the Grayscale Bitcoin Trust is receiving very strong demand after the holidays, considering the fund's high volume of bitcoin purchases.
Turns out, the fund had suspended trading new investors for about 24 days, only returning earlier in the week. According to a recent tweet, Grayscale Bitcoin Trust added another 2,612 Bitcoins in the last 24 hours.
As only 900 bitcoins are mined daily since the May 2020 halving, the volume is equivalent to almost 200% of the new coins produced.
Interesting fact regarding GBTC’s investor profile for Y20:
Retirement Accounts: 2%
Family Offices: 3%
(Source: GS Q4 Report) pic.twitter.com/9A5sXjsow9
– GBTC Bitcoin Tracker (@GbtcT) January 15, 2021
With this addition, Grayscale Bitcoin Trust (GBTC) now has $ 23.453 billion in net assets under management. It is Grayscale's largest assignment.
The closest fund, Grayscale Ethereum Trust, has $ 343 billion in assets in custody. Additionally, the company offers products based on Ethereum Classic, Bitcoin Cash, Horizen, Litecoin, Stellar Lumens, and ZCash.
Following the controversy in the SEC's lawsuit against Ripple, the company's XRP fund was suspended.
It's also worth noting that based on data shared by GBTC Bitcoin Tracker, institutions are responsible for 87% of Grayscale's investments.
Meanwhile, eight percent of GBTC holders are accredited private investors, while retirement accounts and family offices account for the remaining 5%.
Grayscale products are available on over-the-counter (OTC) markets and allow investors to expose themselves to the dynamics of cryptocurrency prices without the need for chain custody.