Digital asset investment firm Grayscale purchased 17,100 bitcoin over the past week, bringing its current position to roughly 450K BTC.
According to data compiled by Bybt, Grayscale Investments Bitcoin Trust (GBTC) has been active over the past week, adding more than $182 million in BTC to the fund. The trust increased its position to 449,000 BTC ($4.7 billion) as of September 26.
The fund, which first launched in September 2013, has generated 471 million shares worth about 0.00095 BTC apiece. Grayscale’s buying spree coincided with an uptick in market dominance for bitcoin, which reached 58 percent over the weekend.
Grayscale’s bitcoin trust holds nearly 2.14 percent of the entire 21 million max supply of BTC, and 2.43 percent of the estimated circulating supply.
Institutional investment in bitcoin has increased throughout 2020, despite the ongoing coronavirus pandemic. According to a tweet by Microstrategy CEO Michael Saylor, the business analytics firm recently completed 72 hours of continuous trading in order to acquire 16.7K bitcoin.
Danny Scott, CEO of UK-based crypto exchange CoinCorner, highlighted bitcoin’s sustained dominance by pointing out the crypto-asset was on Day 62 of closing above $10,000.
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