Within 48 hours after Grayscale opened its doors to new investors on January 13, Bitcoin’s price surged nearly 20% and was again above $ 40,000.
Over the same period, the institutional investment firm added 4,618 BTC to its portfolio with a current value of $ 182 million, including last quarter consumption of $ 3.3 billion, mostly BTC.Grayscale’s crypto portfolio was 27.6 billion. dollar
Bitcoin isn’t the only coin that has received strong support since Jan. 13, with the entire crypto market rising $ 137 billion to rise again through a $ 1 trillion market cap.
Grayscale is back！ Grayscale has increased by 2172 #BTC in 24 hours, their total AUM is now $ 26.39 billion.
– Bybt (@bybt_com) January 14, 2021
With increasing demand from institutional investors, Bitcoin’s existing supply is becoming increasingly scarce.Yesterday, major exchange eToro announced to users that it expects to suffer liquidity problems for the crypto platform, warning that May limit margin trading and buy orders over the weekend to cope.
Since Bitcoin halved at the end of last year, about 900 BTC was mined each day, according to crypto analytics platform Glassnode.On average, only a third of these have been sent to the exchange since July 2020.
Over the same period, Grayscale bought approximately 224,930 Bitcoin, which is more than 1,200 BTC per day, regardless of other institutional investors, the available supply is rapidly drying out.
Not all statistics indicate that institutional investors play a major role in crypto prices, however, Grayscale’s Ethereum Trust hasn’t received the same amount of attention in the last month. The balance actually dropped 6036 Ether since Dec. 9, when it reached an all-time high of 2.94 million ETH.During that time, Bitcoin was up 116%, but Ethereum was up more than 122%.