Grayscale, the leading digital asset fund , continues to accumulate Bitcoin .
Technical analyst Kevin Rooke pointed out: “Grayscale’s Bitcoin Trust (“Grayscale Trust Fund) added 12,319 BTC to $GBTC within a day, which is more than when Bitcoin broke through its ATH last week. The increase of 11,512 BTC is even higher. ”
This shows that despite the recent adjustments in Bitcoin, there is still a significant increase in institutional demand for Bitcoin .
Although Grayscale Trusts sees large inflows of funds, these inflows may temporarily slow down. As widely reported, the company has temporarily suspended new investments in its six trust funds.
This is only temporary, it may be related to the holiday season, and secondly it may be related to the large number of private unlocks of the trust, which can now be sold on the secondary market.
Some people think this may mean that the funds flowing into Bitcoin and Ethereum will be limited in the coming weeks, but this seems to be a temporary setback for the market. In addition, other institutional participants are accumulating the leading cryptocurrency BTC through other means.
Recently, Ruffer Investment Company Limited, a well-known British investment management company, allocated 2.5% of its assets from gold to Bitcoin. The company stated that the investment was worth US$744 million .
“We think this is a small but effective insurance policy against the continued depreciation of the world’s major currencies . Bitcoin diversifies the company’s investment in gold and inflation-related bonds, and provides a hedge against some of the currency and market risks we see. .”
The US business services company MicroStrategy confirmed a large number of bitcoin purchases by its Treasury Department, which is a confirmation of the latest large-scale grayscale purchase.
Prior to this, the US listed commercial software giant MicroStrategy announced that it had purchased 29,646 bitcoins again, with an average unit price of 21,925 US dollars and a total value of more than 650 million US dollars. According to previous purchase data, MicroStrategy currently holds 70,470 bitcoins, with a total price of 1.125 billion US dollars, and an average unit price of 15,964 US dollars.
MicroStrategy regards leading cryptocurrencies as an excellent investment in cash. Microstrategy CEO Michael Saylor said in commenting on recent investments:
“Today’s announcement of the acquisition of more bitcoins once again confirms our belief that, as the most widely used cryptocurrency in the world, bitcoin is a reliable store of value. We believe in the active management of the balance sheet, plus the company’s revenue and The improvement in profitability is an important factor in the recent stock price rise.”
These companies and long-term investment funds in Bitcoin may limit the number of BTC in the market. When we assume that the demand for cryptocurrencies increases, it will continue to push up the price of Bitcoin over time. At present, it seems that exactly.
