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Home NEWS Will Grayscale push Bitcoin back above $ 40.000?

Will Grayscale push Bitcoin back above $ 40.000?

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Will Grayscale push Bitcoin back above $ 40.000?

Some statistics suggest that Bitcoin's current rally may be more dependent on institutional investors than ever before.

Within 48 hours of Grayscale reopening service to new investors on Jan. 13, Bitcoin price has risen nearly 20% to once again hover just below the $ 40.000 mark.

During the same period, the institutional investment firm added 4.618 BTC to its portfolio with a current value of $ 182 million. Including previous quarter earnings of $ 3.3 billion, mostly BTC, Grayscalech's crypto portfolio stands at $ 27.6 billion.

Bitcoin is not the only cryptocurrency that has received strong support since Jan. 13 but that the entire crypto market has increased by $ 1 billion in capitalization to once again cross the 137 trillion mark. USD.

With increasing demand from institutional investors, Bitcoin's available supply is becoming increasingly scarce. Yesterday, the eToro exchange took off notification with users that they expected their platform to have liquidity problems and warned that there may be orders restricting margin trading and BUY orders over the weekend.

Since Bitcoin Halving in May of last year, around 5 BTC are being mined every day. However, according to crypto analytics platform Glassnode, on average only a third of that has actually been sent to exchanges as of July 900.

During the same period, Grayscale bought around 224.930 BTC, or more than 1.200 BTC per day, not to mention other institutional investors. That shows that the available supply is rapidly depleting at the current rate of accumulation from institutional investors.

But not all statistics show that institutional investors are playing a core role in crypto prices, as with Grayscale's Ethereum Trust not getting the same amount of attention last month.


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