Grayscale Bitcoin Trust added 12,319 Bitcoin in the last 24 hours to push its total crypto assets under management above $15 billion. The price of Bitcoin is currently moving around $23,000.
According to the data gathered by crypto analytics company Bybt.com, Grayscale now has nearly 589,000 Bitcoin along with 2.94 million Ethereum. The recent accumulation came after the company temporarily stopped accepting new investors in its six funds earlier this week.
The world’s largest crypto asset management firm attracted a lot of attention recently due to its DropGold advertising campaign. Additionally, the company reported a growing interest in Ethereum earlier this month.
The recent price jump in Bitcoin has increased the value of Grayscale’s BTC assets under management. The total value of the company’s Bitcoin assets now stands at around $14 billion, along with nearly $1.8 billion of Ethereum assets.
In addition to Bitcoin and Ethereum, the US-based company has increased its holdings with the inclusion of other crypto assets like Bitcoin Cash, Litecoin, Ethereum Classic and XRP. Litecoin is the third-largest holding of Grayscale with more than 1.04 million LTC.
The price of Bitcoin registered an all-time high last week after breaching the $20,000 mark. Since then, the price of BTC has seen consolidation between $22,000 and $23,000. Major cryptocurrency exchanges worldwide reported an outflow of approximately 16,000 BTC in a single day amid growing demand from institutional investors. According to the latest data from CoinShares, crypto inflows reached nearly $6 billion this year, a remarkable 600% jump as compared to 2019. Institutional investors are considering BTC as an inflationary hedge and an alternative investment vehicle. The US Dollar Index is currently trading around the lowest level since March 2018.
Furthermore, a weakening dollar played a major role in institutional adoption as major Wall Street firms added digital assets in their investment portfolio to hedge against dollar depreciation. It seems like Grayscale is planning to expand its BTC holding before the start of 2021.