Asset management companies and companies have accumulated about 6% of the circulating supply of Bitcoin, which shows that the mainstream and institutional adoption of crypto assets is increasing.
According to data from Buy Bitcoin Worldwide, 816,379 BTC worth $40.1 billion is currently held by 14 Bitcoin fund issuers and asset management companies-accounting for 4% of the cryptocurrency supply.
The industry leader Grayscale Bitcoin Trust Fund accounts for more than 3% of Bitcoin’s supply and manages 654,600 Bitcoins (worth 32 billion U.S. dollars). CoinShares’ XBT provider ranked second with 48,466 BTC (2.4 billion US dollars), accounting for 0.23% of the supply. The remaining 12 issuers represent 113,313 BTC or 0.54% of the total supply.
The data provider also tracked 34 listed companies that hold BTC on their balance sheets, and these companies collectively control 1% of the Bitcoin supply.
Half of all bitcoins held by public companies are owned by MicroStrategy, which is Added 3,907 Bitcoins to its stash Since the beginning of July, it currently holds 108,992 BTC, valued at US$5.3 billion.
Electric car maker Tesla accounts for 20% of Bitcoin held by private companies, and the company has accumulated 42,902 BTC, worth nearly $2.1 billion.
The private company absorbed another 174,068 BTC worth $8.5 million, accounting for 0.83% of the Bitcoin supply. Approximately 80% of the BTC concealed by private companies is held by Block.One-the company currently holds 140,000 BTC worth US$6.8 billion.
However, the estimates of data providers vary. Bitcoin Treasury bonds total 1.4 million Bitcoins in balance sheet asset management companies and companies. Another 260,000 BTC is attributable to the balance sheets of governments.
The supply of Bitcoin will be capped at 21 million BTC, and analysts estimate that the final Bitcoin will be mined in 2140. At the time of writing, there are approximately 18.8 million BTC in circulation. However, it is believed that one-fifth (or more) of the right to use Bitcoin has been lost, which means that asset management companies and companies may control a larger share of the supply.
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Although large entities are devouring BTC, Ethereum seems to be experiencing a Supply shock After the London upgrade, it introduced a destruction mechanism for its own crypto asset fee market.
According to Watch The Burn, 97,369 In the 21 days since London, USD 313.5 million worth of Ether was destroyed, which means that on average, approximately 4,637 ETH is destroyed every day. Overall, Ethereum’s destruction mechanism has resulted in a 35% net decrease in the supply of newly minted Ether.