Grayscale purchases 995 Bitcoin in 24 hours; institutional demand is rising

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Grayscale, the leading digital asset management firm, has purchased a total of 995 Bitcoin with a value of over $31 million in the last 24 hours. The firm also accumulated 10,234 Litecoin (LTC) and 10,640 Ethereum Classic (ETC) at the same time.

According to the data of crypto analytics firm Bybt.com, Grayscale has accelerated its holding of altcoins with this recent purchases. Additionally, Litecoin and Ethereum Classic, the company bought 1,787 Bitcoin Cash in a single day.

Grayscale’s total crypto asset under management now stands at around $25.5 billion. Bitcoin is the largest holding of the asset management company as the company has more than 640,000 Bitcoin. The total value of Grayscale’s Bitcoin holding is more than $21 billion now. Moreover, the firm added nearly 40,000 BTC in the last 30 days.

The recent accumulation by Grayscale indicates that the institutional demand is increasing significantly this year. In the Q4 2020 report, the world’s largest asset manager pointed out that institutions accounted for more than 90% of inflows in 2020.

Expansion of Investment Trusts

According to the recent reports, the firm is planning to expand its current investment offerings due to growing demand. Since the start of 2021, many crypto assets have outperformed Bitcoin in terms of price gains. Polkadot, Cardano, Chainlink, Litecoin and Stellar are up more than Bitcoin in January 2021. The recent purchases show that Grayscale is planning to accelerate the accumulation of cryptocurrency assets other than Bitcoin and Ethereum. Furthermore, the company purchased nearly 100,000 LTC in the last 30 days along with more than 17,000 BCH.

Grayscale’s Ethereum holding decreased slightly during the last 24 hours as the crypto asset manager dropped nearly 600 ETH in a single day. According to the recent reports by CoinShares, despite the reason that weekly crypto inflows increased significantly, interest in Ethereum-related investment products decreased over the last week. ETH price is now trading near $1,304.

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