2018 can already be considered one of the worst for the cryptocurrency market, however some large players did not fail to take advantage of falling prices to increase the size of their assets. One of them was Grayscale Investments, which included Bitcoin Fund Grayscale Bitcoin Investment Trust (GBTC) at the beginning of December, controlled more than 200,000 BTC, Bitcoinist writes, citing a study of Diar.
As noted, 17.4 million bitcoins are currently released, which means that GBTC, on behalf of its investors, holds about 1% of the entire issue. This also puts Grayscale at the top of the list of institutional cryptocurrency investments.
At the same time, Barry Silbert’s part of the Digital Currency Group is to accumulate additional bitcoins on a monthly basis. Speaking as a cryptocurrency holder for its clients, GBTC earns 2% in the form of an annual commission on the amount of savings, so this tactic from a business perspective is definitely justified.
At the same time, the fall in Bitcoin prices in 2018 also means that the value of GBTC-controlled assets in dollar terms is decreasing. At the beginning of December, this figure was $ 826 million - the lowest figure for the entire year.
However, Bitcoin is not the only cryptocurrency to which large investors turned when the market fell. In the same study, Diar said that in the first 11 months of 2018 more coins appeared in the wallets actively trading Ethereum whales than in any other period in the history of this cryptocurrency. So, at the end of November, the large holders of Ethereum had 80% more coins than in January.