By Grayscales Bitcoin BTC Trust is on track to reach 500,000 BTC by the end of 2020. Last week, Grayscale saw a record inflow of 215 million 15,907 BTC that surpassed all previous investments into the Trust. The firm now holds 6.7 billion 481,711 BTC as of the time of writing.
Should the firm continue last months growthrate of 32,000 BTC, Grayscale in on track to hold 500,000 BTC 2.7 of circulating supply within three weeks. By the end of next year, if the rate is consistent, Grayscale could control 926,600 BTC equal to 5 of Bitcoins total current supply.
The Trust, created in September 2013, has seen explosive growth this year, with its assets under management AUM growing from 1.9 billion to 4.7 billion in the first nine months of 2020. Since Grayscales Q3 report, the AUM of its Bitcoin Trust has grown by an additional 2 billion.
Almost 70 of Grayscales total weekly inflows were invested into its Bitcoin Trust over the past three quarters. Bitcoin Trust weekly inflows grew from a 12month average of 39.5 million to more than 55 million in Q3, 84 of which was attributed to institutional investors.
Source FXPro
