Journalist
Posted:
- Grayscale reportedly owns more than 627,000 BTC.
- There were currently over 19 million BTC in circulation.
Recent research by Arkham Intelligence has revealed that Grayscale holds a significant volume of Bitcoin [BTC]. What is the amount held by the trust, and does this volume raise concerns about BTC decentralization?
Read Bitcoin (BTC) Price Forecast 2023-24
Second largest Bitcoin holder identified
A recent report from Arkham Intelligence revealed that Grayscale Investments currently held the second largest number of Bitcoins on a global scale. According to ArkhamGrayscale’s Bitcoin holdings surpassed 627,000 BTC, with a total valuation of over $16 billion. In addition, these Bitcoins are distributed among more than 1,750 addresses, with no address containing more than 1,000 BTC.
Grayscale Investments is a digital currency management company known for offering the Grayscale Bitcoin Trust. It is a digital currency investment product accessible to individual investors who can trade it through their investment accounts.
A major milestone for the trust also occurred on January 21, 2020, when it became an SEC reporting company. This happened after she had registered her shares with the Commission. The designation also marked it as the first digital currency investment vehicle to achieve reporting company status under the SEC.
Could Bitcoin Be Open To Price Manipulation?
A potential concern arising from this recent revelation is whether Grayscale’s substantial Bitcoin holdings could provide them with the capacity to influence the price of BTC. From CurrencyMarketCap According to data, the current circulating supply of BTC was over 19.4 million at the time of writing.
It also had a maximum supply limit of 21 million. In addition, the fully diluted market cap was over $540 billion, while the current market cap is over $500 billion.
Additionally, Grayscale’s holdings may seem small relative to Bitcoin’s total market cap and circulating supply, but there is still a possibility that their actions could affect the market.
However, it is important to note that the market appears to be resilient and capable of recovering from any moves that come from their positions.
How much are 1,10,100 BTC worth today?
The current number of BTC holders
While the specific number of Bitcoins held by different entities may vary, data from Santiment’s chart indicates a continued increase in the number of Bitcoin holders. According to the chart, the number of BTC holders had risen to over 49.5 million, showing growth from 49 million at the end of August.
In addition, BTC was trading at around USD 25,700 at the time of writing, with a small drop in value from previous levels.
Source: Sentiment