Bitcoin (BTC): Wall Street Could Be Holding 5% of Circulating Supply, IvanOnTech Says

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Fri, 04/17/2020 - 09:47
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Yuri Molchan
Crypto blogger IvanOnTech believes that Wall Street could be holding around 5% of the circulating supply – that’s 900,000 BTC, accumulating it for their customers
Bitcoin (BTC): Wall Street Could Be Holding 5% of Circulating Supply, IvanOnTech Says
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In his recent regular live stream, prominent Bitcoin blogger IvanOnTech touched on the fact that investment funds from Wall Street could actually be storing around five percent of the circulating Bitcoin supply.

Wall Street could be sitting on 900,000 BTC

He came to this conclusion after analyzing the recent financial report from the Grayscale fund. The latter reveals that the company is holding 1.7 percent of the BTC circulating supply, around 360,000 BTC, which is what IvanOnTech wrote in his recent tweet.

Grayscale
Image via Grayscale

However, he is certain that since there are several major investment funds dealing with Bitcoin and other digital assets, like Grayscale, the total amount of the digital gold held by Wall Street could actually be five percent.

That constitutes around 900,000 Bitcoins.

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Grayscale is doing well despite the recent price crash

Despite the recent jaw-dropping crypto market crash in early March this year, Grayscale managed to attract $503 mln in the first quarter of 2020 from investors.

This shows that interest from institutional investors in Bitcoin ahead of its third halving expected on May 12 remains high.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.