Blockchain

Grayscale Bought Almost $140 Million in BTC in 24 Hours

Betting Big on Bitcoin

Grayscale, the Bitcoin Trust custodian and digital asset manager, has added another $140 million worth of Bitcoin to their Bitcoin Trust portfolio within the last 24 hours.

Grayscale made the purchase of 7,188 Bitcoins in just one day. This confirms continued institutional interest surrounding their Bitcoin offering. When you look at Grayscale Bitcoin holdings over the last week and month, a similar pattern appears. In the last week, Grayscale added over 14,000 BTC. In the last month the company added a whopping 64,832 BTC worth collectively over $1.2 billion. Miners created only 27,881 BTC in all of November, or only half the Bitcoin Grayscale purchased during the month. It is apparent just how massive and influential Grayscale is as a cryptocurrency focused entity.

Painting A Bigger Picture

As a digital asset custodian primarily focused around Bitcoin, Grayscale makes these massive BTC purchases. Their clients continue requesting additional exposure. The picture becomes clearer when you add this alongside other major announcements. Hundred million dollar BTC acquisitions from public companies are just the beginning. There are now Wall Street regulated crypto indices, and the integration of cryptocurrency usage in globally dominant financial services like PayPal. You can start to see a bigger picture of what mainstream and institutional organizations think about Bitcoin long term. It will be interesting to see how Grayscale’s Bitcoin purchases for December compare to November as Bitcoin continues approaching its all time high.

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Harrison is a reporter and lead specialist at BeInCrypto based out of Tel Aviv, Israel. Harrison has been involved in the cryptocurrency space since late 2016 and is passionate about decentralized ledger technology and its potential.

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Source: https://beincrypto.com/grayscale-bought-almost-140-million-btc-in-24-hours/

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