Bitcoin continues to be accumulated by Grayscale, a leading digital asset fund manager.”Grayscale’s Bitcoin Trust added 12,319 BTC to GBTC in a single day,” said Kevin Rooke, a technology analyst. This is more than the 11,512 BTC they added during the last week that Bitcoin broke its ATH.
” He drew attention to the issue with his statements. This development suggests a clear institutional demand for Bitcoin despite the recent consolidation. Also Kevin Rooke’s move on Grayscale’s “bad news for bitcoin bears.” evaluated as.
While Grayscale Trusts (GBTC) are seeing huge entries, these entries may slow down in the coming days. There was a significant development and the firm temporarily stopped new investments in six separate Trusts. Grayscale announced that they are no longer accepting Bitcoin, Ethereum, Bitcoin Cash, Ethereum Classic, Litecoin, and Digital Large Cap Fund Trust, but this is temporary.
Some market experts think this could mean limited access to Bitcoin and Ethereum in the next few weeks, but this seems to be only a temporary setback for the market. Additionally, other institutional players continue to accumulate leading cryptocurrencies through other tools.
Grayscale Is Not The Only Company Buying Bitcoin
Just before the announcement of a major Grayscale acquisition, news came that the American business services company MicroStrategy purchased a large amount of Bitcoin for the Treasury.
MicroStrategy, the largest independent publicly traded business intelligence firm, announced last day that it purchased an additional 29,646 Bitcoins for about $ 650.0 million in cash, according to its own investments. The Treasury Reserve Policy paid an average price of $ 21,925 per Bitcoin, including fees and expenses.
Those companies and funds investing in Bitcoin in the long run will likely limit the amount of BTC in the market, thus increasing in price over time, assuming the demand for the cryptocurrency is growing.