The world’s biggest crypto hedge fund, Grayscale, just added more than 10,000 Bitcoin to crypto holding in a single day, bringing the total number of Bitcoins under its management to 588,970.
- Data retrieved from crypto futures analytic platform, Bybt, shows Grayscale had 576,650 Bitcoins as of December 21st, 2020. The amount surged to 588,970 BTCs a day later, an increase of about 12,320.
- Grayscale’s recent purchase is estimated to equal the 13-day supply of newly mined Bitcoin, since the number of the world’s flagship crypto being added daily to the total BTC circulating supply is 900. At Bitcoin’s prevailing price of $23,000, the company’s total BTC holdings are valued at just over $14 billion at the time of drafting this publication.
- Grayscale’s latest purchase of the world’s leading cryptocurrency, Bitcoin, is valued at about $290 million.
What they are saying
In a recent CNBC interview, Grayscale Investments’ Managing Partner, Michael Sonnenshein, revealed that their flagship crypto assets have increased 6 times year-over-year.
- “At Grayscale, our flows are now probably up 6X what they were last year. And the types of investors that are putting capital to work are unlike any of the investors we have seen ever before. It’s some of the world’s largest investors and the allocations that they are making are bigger than we’ve ever seen before.”
Per Sonnenshein, the current Bitcoin bull market is different from the 2017 bull run.
- “I think this is a very different scenario than we were in in 2017. Back then, Bitcoin didn’t break that psychologically important $20,000 mark. And it’s really not surprising to us that it has this year. There really are a couple of important factors at play that weren’t here in the 2017 rally. And its investment banks writing research highlighting Bitcoin’s superiority to gold. You guys have seen prominent investors coming out and supporting this asset class. You have corporations adding Bitcoin to their balance sheets. These are not factors at play that we have seen before for this asset.”