- Grayscale reportedly owns over 627,000 BTC.
- The current BTC circulation is over 19 million.
Recent research by Arkham Intelligence has revealed that Grayscale holds significant amounts of Bitcoin [BTC]. What is the amount held by the trust and does this amount raise concerns about BTC decentralization?
Read Bitcoin (BTC) Price Prediction 2023-24
Second Largest Bitcoin Holder Identified
A recent report by Arkham Intelligence revealed that Grayscale Investments currently holds the second largest number of bitcoins in the world. According to Arkham, Grayscale’s bitcoin holdings surpassed 627,000 BTC, with a combined value of over $16 billion. Also, these bitcoins are spread across over 1,750 addresses, with no single address containing more than 1,000 BTC.
Grayscale Investments is a digital currency asset management company best known for offering the Grayscale Bitcoin Trust. It is a digital currency investment product accessible to retail investors who can trade it through their brokerage accounts.
Also, a major milestone for the Trust was January 21, 2020, when it became an SEC reporting company. This happened after registering his shares with the Commission. Additionally, with that designation, it was the first digital currency investment vehicle to receive reporting entity status under the SEC.
Could Bitcoin be vulnerable to price manipulation?
A possible concern arising from this recent revelation is whether Grayscale’s sizeable Bitcoin holdings could give them the ability to influence the price of BTC. According to data from CoinMarketCap, the current outstanding balance of BTC is over 19.4 million at the time of this writing.
There was also a maximum bid cap of 21 million. In addition, the fully diluted market cap exceeded $540 billion, while the current market cap was over $500 billion.
Additionally, while Grayscale’s holdings may seem small compared to the total market cap and circulating supply of Bitcoin, there is still a chance that their actions could have an impact on the market.
However, it is important to note that the market appears to be resilient and able to recover from any potential moves emanating from their holdings.
How much are 1.10.100 BTCs worth today?
The current number of BTC holders
While the specific number of bitcoins held by different companies 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 has risen to over 49.5 million, up from 49 million at the end of August.
Additionally, BTC was trading at around $25,700 at the time of this writing, a minor drop in value from previous levels.
Source: Santiment
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