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Grayscale continues with its Bitcoin accumulation

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Bitcoin continues to be a digital asset with great demand in the market and retail and institutions are in a race to get their hands on as many BTCs as possible. From the institutional side, Grayscale has been filling its Bitcoin bag with more and more BTC like many others. According to a recent update, Grayscale has added 12,319 BTC to its Grayscale Bitcoin Trust [GBTC] in the course of a single day. This sum was reportedly more than the cumulative purchase over the last week.

Kevin Rooke tweeted:

“Bad news for Bitcoin bears.
Grayscale’s Bitcoin Trust just added 12,319 BTC to $GBTC in a single day.
That’s more than the 11,512 BTC they added during all of last week, when Bitcoin broke its ATH.”

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Source: Twitter

Grayscale has been competing actively with other institutions and this was visible in its Bitcoin holdings for 2020, which witnessed a surge of more than 66% as of date. Data suggests Gryascale’s Bitcoin holding has reached 588.97k BTC which was approximately $12.78 billion worth of assets under management.

This addition comes on the heels of Microstrategy purchasing 30k BTC for $650 million. According to Bitcoin Treasuries, the business intelligence firm now has 70,470 BTC worth over $1.596 billion in its treasury reserve. According to CEO Micheal Saylor, MicroStrategy spent $1.125 billion on bitcoin to date, at an average price of $15,964 per BTC.

Interestingly, SkyBridge Capital announced the launch of a Bitcoin fund to “democratize” investing in the crypto space. It has kickstarted the fund with $25 million, and with a minimum subscription pegged 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.

Held tweeted:

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.

Namrata is a full-time journalist at AMBCrypto covering the US and Indian market. A graduate in Mass communication, while majoring in Journalism, she writes mainly about regulations and its impact with a focus on technological advancements in the crypto space.

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