Last Week 3 Bitcoin Funds Added 24,337 Bitcoins as BTC Price Approaches $19,000

Bhushan Akolkar
November 21, 2020
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Bitcoin funds continue to add more Bitcoins in huge numbers as the BTC price approaches $19,000 on Friday, November 20. Over the last week, three of the top four Bitcoin funds have accumulated nearly 25,000 Bitcoins.

As expected, the Grayscale Bitcoin Trust (GBTC) remains the largest accumulator while squeezing an additional 20,000+ BTC after it crossed the half-million mark. The GBTC is approaching pretty fast to hit another milestone of $10 billion worth of assets under management (AUM).

The 3iQ Bitcoin Fund has been the second-largest accumulator last week followed by the ETC Group. But fund houses are not alone in accumulating more Bitcoins. As Kevin Rooke reports, other private and public listed companies and individual investors have been pouring massive amounts of cash in BTC.

Big Players Looking to Launch Their Own Bitcoin Fund

Besides, more and more hedge funds are willing to launch their Bitcoin Funds in the market. In another major news, Morgan Creek Digital applied for a ‘Risk Managed Bitcoin fund’ with the U.S. SEC, in partnership with Exos.

Rooke notes that this Bitcoin Fund will handle all technical details related to “trade, transfer, and custody of Bitcoin”. Besides, instead of dealing directly with the volatile asset class, Exos added that the fund will help institutional players to mitigate volatility. It notes:

“The Fund will fully allocate capital to bitcoin when its indicators are positive and reduce or exit its position when its indicators turn negative.”

Earlier this week, Mike Novogratz’s merchant bank Galaxy Digital announced the launch of a new Bitcoin fund in partnership with Canadian financial giant CI Global Asset Management. The CI Galaxy Bitcoin fund is a closed-ended fund targeting institutional players. The official press release states:

“The Fund will invest directly in bitcoin with the Fund’s holdings of bitcoin priced using the Bloomberg Galaxy Bitcoin Index (the “BTC”), which is designed to measure the performance of a single bitcoin traded in U.S. dollars. The BTC is owned and administered by Bloomberg Index Services Ltd”.

At press time, BTC is trading at $18,593 with a market cap of $345 billion. On Friday, Bitcoin hit its new 2020-high of 18,934 with its market cap surpassing over $350 billion. Bitcoin is back to challenging big giants like JPMorgan, Mastercard, PayPal, and Visa.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.