By Hassan Mehmood (Saudi Arabia)
Arkham Intelligence is a crypto analytics firm. It has issued a new survey recently regarding the on-chain wallet connected to Grayscale Bitcoin Trust (GBTC). The wallet account currently holds around $16 billion worth of Bitcoins.
The firm has published a recent update on social media maintaining that the issuer of the trust namely Grayscale Investments has become the second largest bitcoin holder in the world. This trust now holds Bitcoin in various locations spread across 1,750 addresses.
The survey has also maintained that GBTC addresses have remained undisclosed on account of security reasons. However, the firm has publically declared its reserves. The intelligence report has identified that each wallet address under GBTC holds around 1000 Bitcoin with an estimated value of $16.15 billion.
Last year, GBTC stated that its Bitcoin reserves are under custody of Coinbase. The exchange was also in-charge of verifying the on-chain addresses.
Disclosure of Grayscale’s Bitcoin Reserves
The firm has refrained from disclosing its public wallet addresses. The firm has retained that disclosure of information regarding its wallet addresses using proof-of-reserves method can expose it to threat actors. GBTC currently holds around $16 billion Bitcoins and has declared a victory against Securities and Exchange Commission.
The federal agency previously did not process the request of the firm to convert trust into spot ETF. SEC officials withhold the application under the claim that it would lead to market manipulation.
Also read:However, GBTC filed a case at US Court of Appeals stating that the denial of request was insufficient. The courts ruled in favor of GBTC. The news sparked a conversation all across the cryptocurrency markets since the trust was moving to reduce the discount by 20% with the new changes.
In addition to $16 billion in Bitcoin, the asset management firm also holds 3 million Ethereum valued at around $4.95 billion.
At the same time, the trust also has a reserve of 301K LINK and $1.78 million worth of MATIC tokens. The total crypto holdings of GBTC are currently valued at $21 billion.
Long-term Bitcoin holders have reported gains following its victory against SEC. Data analytics from Santiment reported that whales and sharks holding 10K Bitcoin acquired additional 14K BTC. The ruling in favor of the Trust was concluded on 20th August this year.
The survey revealed that big bag holders retained optimism towards the approval of spot Bitcoin ETF. On this account, Bitcoin prices surged to $28K last month.
However, the survey also revealed an inflow of 30K Bitcoins back to exchanges that increased the supply of flagship currency from 1.13 million to 1.16 million. Meanwhile, Bitfinex exchange revealed that Bitcoin whales have continued to accumulate more tokens.
The investors who have started to accumulate Bitcoin during the last three years have reported substantial gains. At present, the flagship currency prices stand at $25K.
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