According to Cointelegraph May 22, the data shows that the interest of institutional investors in Bitcoin is growing rapidly. In the past few years, the scale of Grayscale Bitcoin Trust (GBTC) has been steadily increasing, but in the past few months, its growth has begun to accelerate. Interestingly, the volatility of Bitcoin prices does not seem to affect this growth pattern. A Grayscale spokesperson said that more than 90% of the capital inflows came from institutional participants. Moreover, because its assets are locked in the Coinbase vault, its holdings reduce the circulating supply of Bitcoin. As of now, GBTC has extracted 350,000 BTC from the circulating supply, accounting for 2% of the circulating supply of Bitcoin, which does not include the amount of lost Bitcoin. Since 2019, GBTC has consumed 100,375.93 BTC, accounting for 17% of all bitcoin mined during this period. In the past three months, institutional investors have tripled the rate of investment in GBTC. If this trend continues, then in the next three months, it will hold 400,000 BTC, and in the next 6.5 months (that is, March 2021), it will accumulate about 550,000 BTC or 3% of the total supply.
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