Digital assets manager Grayscale has added 16,244 Bitcoin (BTC)—currently worth over $600 million—to its Grayscale Bitcoin Trust (GTBC) yesterday, according to data from CryptoQuant.
This was the single largest daily purchase so far in both Bitcoin and dollar terms. Although it’s worth noting that the growth of the fund may be either through new purchases of Bitcoin or existing investors moving their holdings to the trust. That said, the fund now looks after a total of 632,000 Bitcoin, worth $24 billion.
Grayscale now holds 632,000 Bitcoin. Image: CryptoQuant
As Decrypt reported, Grayscale made the headlines last week when the GBTC picked up more than 2,000 BTC (roughly $82.5 million) just one day after reopening its doors to new investors—and that achievement already pales in comparison to the latest addition.
Actually, it looks like not only did @Grayscale buy 16,000 BTC today, but this was the single largest one day purchase of BTC * IN BTC TERMS * not just dollar terms
Meanwhile, JPMorgan Chase & Co analysts asserted that Grayscale might actually be a key driving force for Bitcoin’s price and could single-handedly help the crypto to break above $40,000 in the short term, Bloomberg reported yesterday.
According to the analysts’ letter sent out last Friday, Bitcoin is currently at risk of losing investors that closely follow trends, which could result in a price drop—unless it “breaks out” above $40,000 in the near future. In these circumstances, the constant inflow of money provided by Grayscale could help sustain—or even increase—the price of BTC.
“The flow into the Grayscale Bitcoin Trust would likely need to sustain its US$100 million per day pace over the coming days and weeks for such a breakout to occur,” said the analysts.
Otherwise, trend-following traders “could propagate the past week’s correction” and “momentum signals will naturally decay from here up till the end of March,” JPMorgan’s experts added.
Last week, Grayscale published its Q4 2020 report, revealing that its crypto-focused products attracted $251 million of investments per week on average.
4Q REPORT: Last quarter, we saw a total investment into Grayscale products of $3.26 billion - an average weekly investment of $251 million. Read more about our record-breaking quarter here. #GoGrayscalehttps://t.co/T4sMVQhcDepic.twitter.com/zvsPtFkNrN
Public Keys is a weekly roundup from Decrypt that tracks the key publicly traded crypto companies.
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