Asset Managers And Companies Collectively Own About 6% BTC
Data by research analytics firm, Buy Bitcoin WWorldwide, has revealed that BTC held by asset management firms and public companies is worth about $58b.
A Breakdown Of The Amount Of BTC Owned By Entities
Breaking down the figure, the firm revealed that 14 asset fund management companies collectively hold $41b worth of the king coin, representing about 4.5% of the coin’s supply in circulation. Grayscale Bitcoin trust owns about $33b of that amount (which is about 75% of the total amount held by asset managers).
Most of the remaining amount is shared among Coinshares’ XBT provider and the remaining 12 asset managers. The buy Bitcoin worldwide stats also revealed that it tracked 35 public firms and discovered that they own about 1.5% of the leading cryptocurrency supply.
However, MicroStrategy owns over 50% of this proportion, and after increasing its Bitcoin holdings between last month and this month, its BTC holdings are now worth about $5.4B. Microstrategy’s holdings are followed by tesla’s as the electric car company owns about $2.2b worth of BTC. Tesla holds 0.2% of the total Bitcoin supply in circulation.
Private firms hold almost 0.84% of the king coin’s circulating supply. However, most of these private firm holdings are held by Block One, whose BTC holdings are valued at about $6.9B. Another private company, Bitcoin Treasuries, is estimated to own about 1.5m BTC, while various authorities hold about 265,000 BTC.
Bitcoin And Ethereum Supply
Various Bitcoin enthusiasts are forecasting that this year’s Bitcoin mining operations will be the last to conform, with a limit on the Bitcoin in circulation at about 21m. Different metrics agree that the total BTC supply in circulation is not up to 19m. But there is no account for about 20% of this supply. Hence, these entities’ holdings might be more significant than what the data above provided.
While entities are increasing their Bitcoin holdings, Ethereum supply is still suffering from its recently completed London upgrades. Data from Watch the Burn (a crypto analytics firm) show that since the completion of the London upgrade, almost 4315 worth of Ethereum have been destroyed, which averages to about 4650 ETH being destroyed every day. Therefore, there has been about a 36% decrease in new Ether being released into circulation.
Ethereum Is On Its Way To Deflation
The crypto ecosystem hugely anticipates Ethereum’s deflation as it believes it will make eth more valuable and the only deflationary asset in the crypto space. The bad news is that Eth price isn’t appreciating and decreases by about 5% today. After attaining a new peak price of $3.4k three days ago, it has lost about 9% of its value.
Since the start of this month, there has been more burned ETH than mined. That trend is expected to be reversed as the year winds down. Analysts are predicting that the eth supply will gradually reduce towards the end of this year. ETH’s 24-hour chart currently depicts a bearish pattern that often signals the start of a trend reversal.
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