- A recent tweet of Michael Sonnenshein, the managing director at Grayscale Investments, revealed that on Thursday the team has alone accumulated more than $115 million worth Bitcoin
- The main point to note is the whole amount came just in a day to Grayscale.
The most massive inflow of capital in a single quarter
It is observed that Grayscale has marked this quarter for accumulating its most massive inflow of capital, as last month, only the crypto assets manager revealed that the firm had raked $1.05 billion in the firms investment products. However, Grayscale’s Bitcoin Trust’s assets Under management has been observed to be the fastest-growing investment products. The average weekly investment in the product was $39.5 million. However, in the third quarter of this year, the Trust experienced an inflow of $719.3 million, which is an increment of around 1500%. As per the year to date, the firm has surged about 147% of assets under management.
Grayscale has around 2% of Ethereum in circulation
Last month, via a tweet, Grayscale revealed that the firm is holding around 2% of Ethereum’s circulating supply under the management. After the report, Barry Silbert, the chief executive officer of Grayscale Investments, had revealed via a tweet that the firm had enormous digital assets under its management worth of $7 billion.
Contribution of significant fintech firms in the surge of Bitcoin
According to reports of the last few weeks, it is observed that several primary corporate adopters like PayPal, MicroStrategy, and Square Inc. are contributing to the latest Bitcoin bull run.
PayPal recently announced to facilitate its users with the options to buy, sell, and hold cryptocurrencies in their platform, and soon several merchants will start accepting crypto payments using the PayPal application.
MicroStrategy’s current holdings of Bitcoins might have caused a hike in the price of Bitcoin to over $16,000. According to a tweet of Michael Saylor, the Chief Executive Officer of MicroStrategy, it is revealed that the firm had earned around $100 million only by purchasing Bitcoins in two months and gained $78 million from their current operations in 3.5 years
On the other side, Square Inc. also revealed that the firm had purchased around 4,709 BTC, which is worth around $50 million at purchase time. Might these issues are the reason for the recent bullish behavior of Bitcoin.