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$175 Million Bitcoin Purchase by Grayscale
$175 million worth of Bitcoin purchase by Grayscale. Grayscale became one of the companies to add the most BTC to its fund in the past three days.
Yazar: Elif Dinçer
Yayınlanma: 17 Ocak 2021 19:56
Güncellenme: 20 Eylül 2024 06:23
$175 Million Bitcoin Purchase by Grayscale
$175 million worth of Bitcoin purchase by Grayscale. A sharp decline in Bitcoin, which saw the $ 42,000 level in the first days of 2021, turned into an opportunity for institutions to buy more BTC. Grascale has been one of the companies to add the most BTC to its fund in the last three days. Bitcoin price fell sharply after reaching its historical high of $ 42,000. BTC, which declined to $ 32,000, managed to rise to $ 38,000 without further decline. But this time this drop in price has become an opportunity for institutions to have more BTC. Grayscale has registered as the active firm that added the most BTC to its fund in the past three days. According to data provider Bybt, the price of Bitcoin fell from $ 38,000, while the Grayscale Bitcoin Trust bought about 10,000 BTC. The chart below shows that Grayscale Bitcoin Trust bought even more BTC after about 20 days. Although the previous purchases were greater than the current amount, the price of the coin has also increased significantly.
In addition, the part that stated that the company included 2.17 thousand BTC in its assets on January 14, showed 2.61 thousand BTC on January 15. By contrast, on January 16, 5.13k BTC was included in the GBTC fund, and the previous values were almost doubled. This increased the total asset under management (AUM) to $ 22.9 billion in terms of GBTC.
The increase in recent days has shown that it currently takes about 5.7 times the daily number of Bitcoins entering the market. This situation seems to be a scarcity for other retail investors.
Market watcher Bloqport stated that 67,000 BTC in the last 30 days is equal to the remaining $ 2.5 billion in stock exchanges. These Bitcoins moved to hot and cold wallets.
Bitcoin Amount Is Declining
If it moves a little further from the loss in March 2020, it is seen that the percentage of BTC in the exchanges has decreased to 21 percent. Demand for the popular cryptocurrency remains quite high among institutions like Grayscale, which has grown 900 percent for GBTC in 2020. The declining price creates the opportunity for many institutions to “buy on the downside” and create a shortage in the already scarce cryptocurrency. This contributed to Bitcoin's gain in value and encouraged BTC whales to save.İLGİLİ HABERLER
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