Grayscale Purchases $600 Million Bitcoin in 24 Hours

Grayscale, the world’s largest cryptocurrency asset management firm, has accumulated 16,244 Bitcoin worth more than $600 million in the last 24 hours due to growing institutional demand. The company now has more than 630,000 BTC worth nearly $23 billion.

According to the data provided by the crypto analytics company, Grayscale’s total crypto assets under management (AUM) jumped above $27 billion on Tuesday as the price of Bitcoin crossed $37,000. The total market cap of cryptocurrencies reached $1.06 trillion.

The company has accumulated nearly 26,000 Bitcoin in the last 7 days. In addition to the BTC, Grayscale has also purchased a substantial amount of Bitcoin Cash. According to the released numbers, the crypto asset manager bought more than 12,000 Bitcoin Cash during the last 7 days.

Grayscale halted new investments last month but welcomed investors at the start of January 2021 amid growing institutional demand. In the newly released Q4 report, the firm outlined the importance of institutional money.

“Institutions have historically accounted for a majority of Grayscale inflows. This was especially true in Q4 2020 as institutions accounted for 93% of capital inflows, or $3.0 billion. This may not come as a surprise given the recent flurry of news that institutions have warmed up to Bitcoin. Indeed, Grayscale Bitcoin Trust accounted for 87% of all inflows to our product family, the highest proportion since Q2 2017, further evidence of institutions looking to Bitcoin as a reserve asset,” Grayscale mentioned in the report.

Digital Assets

In addition to the world’s largest cryptocurrency, Grayscale is slowly accumulating other digital assets including the world’s seventh-largest crypto asset Litecoin. The latest data shows that the asset management firm purchased more than 194,000 LTC in the last 30 days. The total value of Grayscale’s LTC holding now stands at around $174 million. The company’s BCH holding has a total value of nearly $124 million.

The recent rally in Bitcoin and Ethereum caused a massive surge in the valuation of Grayscale’s digital assets.

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