Following the BitMEX Insurance Fund’s continued growth throughout the year, data provider, CryptoQuant, took a deeper look at the derivatives specialist’s on-chain data.
Insurance Fund Now Holds 0.18% Of All Bitcoin
Over the past 12 months the BitMEX Insurance Fund grew to almost 33.5k BTC, representing a 62% increase from the 20.77k BTC it held at the start of the year. This means that 0.18% of all bitcoin so far mined is now in the fund, up from 0.15% in August as Bitcoinist reported at the time.
Total BTC Held By BitMEX Goes up To 400k
CryptoQuant then looked at the total amount of bitcoin held by BitMEX. This is now over 400k BTC, or more than 2% of the current total supply.
CryptoQuant suggested that this represented growth of over 500% this year, although the chart presented along with this statistic would seem to disagree. It seems more like a rise from around 240k BTC to 440k BTC, or growth of around 83% during the year.
Fluctuating Proportion Of Total Reserves In Insurance Fund
Combining the charts gave a ratio of what…