Bitcoin (BTC): Wall Street Could Be Holding 5% of Circulating Supply, IvanOnTech Says
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.
BREAKING: WALL STREET OWNS 360,000 BITCOIN!!
Smart money is accumulating...
WHAT ARE YOU DOING?— Ivan on Tech (@IvanOnTech) April 17, 2020
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.
Alex DovbnyaGrayscale 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.
Arman Shirinyan
Alex Dovbnya
Vladislav Sopov
Dan Burgin