Asset Manager Grayscale added 18 times more Bitcoin (BTC) as miners added just one day to the offer on January 18th.
As various data sources confirm, Grayscale, which is still the largest institutional buyer in the Bitcoin space, bought a total of 16,244 BTC ($ 607 million) on Monday.
BTC buy accelerates again
The giant sums are among the largest recorded and are an order of magnitude above what even Grayscale tried just last week. The company used to see daily purchases, but stopped during the holiday period and reduced the awards in the first week of the new year.
Monday’s operations totaled nearly $ 23 billion in total assets (AUM). As Cointelegraph reports, the total increased tenfold during 2020.
“Grayscale bought $ 251 million #Bitcoin on average per week in the fourth quarter of 2020,” said Danny Scott, CEO of CoinCorner, based in the UK, CoinCorner tweeted.
“Last week they made $ 700 million in one day … And today $ 590 million … Watch out.”
Shamelessly bullish on Bitcoin
The move highlights both Grayscale’s continued confidence in Bitcoin as a long-term game and that of institutions choosing Bitcoin over any other form of macro asset.
Despite mixed messages from co-asset manager Guggenheim, which begins its BTC exposure this month, industry sources say public announcements are hiding the true extent of institutional involvement.
“There’s a big institutional question and most of it is quiet,” exchanged Gemini co-founder Tyler Winklevoss. said last week while complaining to gold bug Peter Schiff for claiming that players are not actually interested in Bitcoin.
Data from chain analytics resource CryptoQuant, meanwhile, reveals changes in Grayscale’s buying habits, with late 2020 the largest increase in BTC holdings in the short term for the year.
Earlier, analysts at JPMorgan argued that the inflow to the Grayscale Bitcoin Trust should maintain $ 100 million a day to give Bitcoin the chance to regain $ 40,000 price levels.