Bitcoin stays as the digital asset with great demand in the market and retail and institutions are in a race to get their hands on as many bitcoins as possible. Grayscale has been filling its bitcoin bag with more BTC like so many others. According to an update, Grayscale added 12,319 BTC to its Grayscale Bitcoin Trust in a single day. This sum was more than the cumulative purchase from the past week.
Grayscale had been competing actively with different institutions and it is visible in its bitcoin holdings for 2020, which witnessed a rise of more than 66% as of now. Data states that Grayscale’s Bitcoin holding has reached 588.97K BTC which was around $12.78B worth of assets under management.
This addition came after MicroStrategy purchased 30K BTC for $650M. Bitcoin Treasuries says that the business firm now has 70,470 BTC worth over $1.596B in its treasury reserve. Michael Saylor, MicroStrategy’s CEO says that the company spent $1.125B on BTC to date, at around the price of $15,964 per BTC.
SkyBridge Capital announced the launch of the Bitcoin fund to “democratize” the investment in the crypto space. It started the fund with $25M, and with a minimum subscription at $50,000.
The institutional buying is a bullish sign, the increased outflows from exchanges have also added to this bullish momentum. The increased outflows are expected to end up in cold storage and this has led many analysts in the market to predict that the top is yet to be seen. Kraken’s head of business development, Dan Held compared data to Bitcoin’s previous halving and predicted the top will be seen by September 2021.
This move is a bullish sign, the increased outflows from exchanges have also added to the bullish momentum. The increased outflows are predicted to end up in cold storage and this led many analysts in the market to speculate that the top is yet to be seen. Dan Held, Kraken’s head of business development, compared data to Bitcoin’s former halving and assumed the top will be seen by September 2021.
As investment and interest in Bitcoin rises, the cryptocurrency is far from losing steam. The institutional buying has also been driving retail traders to acquire as many BTC as possible.
As interest and investment in Bitcoin rises, the cryptocurrency is still a long way from losing steam. The institutional buying has been driving retail traders to accumulate as many BTC as possible.
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