The crypto asset manager Grayscale caused a sensation at the beginning of the week with record-breaking acquisitions.
On Monday alone, the US company collected 16,244 Bitcoin on the market for more than $ 600 million – that’s 18 times the amount of new coins that miners can produce every day. Even for Grayscale, currently the largest player in the crypto market, that is an enormous sum.
After the asset manager did not make any acquisitions over the turn of the year, these are now picking up speed again. For comparison: In the fourth quarter of 2020, Grayscale bought Bitcoin for an average of $ 251 million per week, wrote Danny Scott of CoinCorner in a tweet.
Grayscale now manages crypto holdings worth $ 27.1 billion. At almost $ 23 billion, a large part of it is in the Bitcoin Trust. The fact that the company continues to purchase speaks for continued high demand on the part of professional investors, who can invest relatively easily in Bitcoin & Co. through the asset manager’s products.
That in turn also makes the experts at JPMorgan optimistic: If Grayscale continues to buy for $ 100 million or more in the coming days and weeks, Bitcoin should quickly regain the $ 40,000 mark, writes analyst Nikolaos Panigirtzoglou in a recent study. In the long term, he has even calculated a price target of $ 146,000 for Bitcoin.
Post source: Bitcoin: Grayscale buys 16,000 coins – per day!