Bitcoin mass adoption has been on its way for a while now, with more and more institutions and big players hopping into the crypto space.
Grayscale makes massive e Bitcoin move
Now, it’s been revealed that the asset manager Grayscale just added 18 times more Bitcoin (BTC) than miners added to the supply in just one day on Jan. 18.
The online publication Cointelegraph said that data sources confirm the fact that Grayscale, which remains the biggest institutional buyer in the Bitcoin space, purchased a total of 16,244 BTC ($607 million) at the beginning of this week.
Bitcoin sees massive buy explosion
It’s been revealed that the giant sums are some of the biggest on record and are an order of magnitude above what even Grayscale was attempting just last week, according to the same online publication mentioned above.
According to the reports coming from the same source, the company previously saw daily buys but stopped over the holiday period and reduced its allocations in the first week of 2021.
The activities from the beginning of this week bring its total assets under management (AUM) to almost $23 billion. As Cointelegraph reported, the total increased tenfold during 2020.
“Grayscale were buying $251 M of #Bitcoin on avg per week in Q4 2020,” Danny Scott, CEO of United Kingdom-based cryptocurrency exchange CoinCorner, tweeted.
He also issued an important warning for crypto fans as you will see in his tweet below.
Grayscale were buying $251 M of #Bitcoin on avg per week in Q4 2020.
Last week they did $700 M in 1 day…
And today $590 M…
Pay attention 👀
— Danny Scott (@CoinCornerDanny) January 18, 2021
This comes after MicroStrategy’s own massive bullish moves and predictions that they keep dropping about Bitcoin.
Just the other day we revealed that MicroStrategy’s Michael Saylor could not be more bullish about the king coin.
At the moment of writing this article, BTC is trading in the red and the coin is priced at $34,477.01.