Guess Who’s Buying $29,900,000 BTC Per Week?
The crypto market looks great today following yesterday’s race of Bitcoin above $9,000.
At the moment of writing this article, BTC is trading in the green and the king coin is priced at $9,506.40.
Crypto enthusiasts are hoping that BTC will try and re-test the important FOMO-triggering level of $10k.
Grayscale sees rising demand for GBTC
More and more people are interested in the digital assets these days among the global crisis triggered by the pandemic.
It’s been recently revealed that digital asset management firm Grayscale is seeing demand skyrocketing for its flagship investment product Grayscale Bitcoin Trust (GBTC), indicating that institutional money is flowing into the top coin.
Using recent data that’s released by Grayscale, analyst Kevin Rooke has been tracking the average weekly investment in GBTC, which surged from $3.2 million in Q1 2019 to $29.9 million in Q1 2020.
Grayscale’s Bitcoin Trust is on a whole new level in 2020.
Average weekly investment (Q1 2019): $3.2 million
Average weekly investment (Q1 2020): $29.9 million
Institutional money has arrived. pic.twitter.com/5BMJURWqBZ
— Kevin Rooke (@kerooke) May 23, 2020
The online publication the Daily Hodl reported that Barry Silbert, founder and chief executive of Grayscale, replied to Rooke’s tweet, saying that the demand for GBTC is even stronger now.
just wait until you see Q2…
— Barry Silbert (@barrysilbert) May 23, 2020
Just in case you didn’t know, Grayscale Bitcoin Trust is backed by real BTC -this gives investors the opportunity to gain exposure to BTC without having to directly purchase the underlying asset.
The other day, we were reporting that The popular Joe007 Bitcoin whale said that crypto traders are falling for fictional narratives about the crypto and the traditional markets.
He addressed a few potential price catalysts that captured the imagination of various crypto fans and might not turn out very accurate.
Lots of enthusiasts are expecting to see the price of BTC skyrocketing in the short term following the halving.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.