Bitcoin

Grayscale increased 18 times the bitcoin supply in one day

Asset manager Grayscale added 18 times more Bitcoin (BTC) to its funds than the number of BTC miners added to its offering in just one day on Jan. 18.

As confirmed by various data sources, Still the largest institutional buyer in the Bitcoin space, Grayscale bought a total of 16,244 BTC ($ 607 million) on Monday..

BTC purchases are accelerating again

The gigantic sums are among the largest ever recorded and an order of magnitude higher than what even grayscale tried last week.. The company previously recorded daily purchases but stopped during the holiday season and reduced its allowances in the first week of the new year.

Grayscale increased 18 times the bitcoin supply in one day
Grayscale increased 18 times the bitcoin supply in one day

Monday’s activities will bring total assets under management (AUM) to nearly $ 23 billion. As Cointelegraph reported, the total increased tenfold in 2020.

“Grayscale bought an average of $ 251 million in #Bitcoin per week in the fourth quarter of 2020.”, Danny Scott, CEO of CoinCorner, a UK-based cryptocurrency exchange, posted on Twitter.

“Last week they made $ 700 million in one day … and today they made $ 590 million … watch out.”

Grayscale Bitcoin Daily Additions Chart. Source: GBTC Bitcoin Tracker / Twitter

Shamelessly bullish on Bitcoin

The move underscores both Grayscale’s continued trust in Bitcoin and a long-term game. and that of institutions that choose Bitcoin over any other form of macro asset.

Despite mixed messages from Guggenheim, another wealth manager who will begin his BTC involvement this month, Industry sources claim that public announcements hide the true level of institutional involvement.

“There is a lot of institutional demand and most of it is silent”, said Last week, Gemini exchange co-founder Tyler Winklevoss reprimanded gold beetle Peter Schiff for not really taking an interest in Bitcoin.

Bitcoin holding of grayscale vs. BTC / USD chart. Source: CryptoQuant

Data from the on-chain analysis resource CryptoQuant are now published Changes in shopping habits of grayscale; Late 2020 saw the largest short-term spike in BTC stake for the year.

JPMorgan analysts had previously argued this Inflows into the Grayscale Bitcoin Trust would need to be sustaining $ 100 million per day for Bitcoin to have a chance to regain the $ 40,000 price level.

Similar Posts