Grayscale bought a record number of Bitcoins
The investment fund now owns more than 3% of the entire supply of the No. 1 cryptocurrency. And now Grayscale bought a record number of Bitcoins!
The Grayscale Investment Trust has purchased a record 16,244 thousand BTC in one day for the benefit of its clients within the Grayscale Bitcoin Trust. This volume is equivalent to mining the #1 cryptocurrency in 18.05 days. As a result of the purchase, Grayscale increased its bitcoin holdings to 632,801 thousand BTC, which is more than 3% of the total supply of these digital assets.
It is noteworthy that the fund invested in bitcoins at the time when their price is near record values for the entire existence of such assets. In one day, about $600 million was invested. By comparison, in the fourth quarter of 2020, this amount of funds the investment fund placed in the bitcoin market usually for about 15 days. Charles Edwards, founder of Capriole Investments, predicts that Grayscale could grow its bitcoin market share to 10% this year.
According to Jeff Rossi, founder and head of hedge fund Vailshire Capital Management, a further rise in the price of bitcoin is “imminent.”because if to it Grayscale bought a record number of Bitcoins. In doing so, he refers to the data of technical analysis, pointing out also that the fundamental factors also speak in favor of a further increase in the price of the No. 1 cryptocurrency. In his opinion, “Bitcoin price falls, if any, will be short-term, as they will be used by investors to invest even more in such digital assets.”
As a reminder, a bitcoin price “bottom” was previously named. In addition, the study, which was released by Deutsche Bank, cites the views of investors, 89% of which believe that the bitcoin market, as well as stocks of U.S. technology companies are now overvalued, and therefore a possible rate correction.