Grayscale purchased more Bitcoin, an additional portion of $186 million, approaching the $6 billion mark of crypto assets under management as we are reading more in today’s bitcoin news.
Grayscale purchased more BTC, increasing the BTC holdings as the asset goes on showing bullish momentum signs on the past weekly close. Greyscale enlarged its Bitcoin Trust as 17,100 BTC was added to Grayscale’s funds at current prices with the investment reaching $186 million. The total assets under management for all investments crypto funds hit $5.8 billion according to the last market report for the weekly ending:
“09/25/20 UPDATE: Net Assets Under Management, Holdings per Share, and Market Price per Share for our Investment Products.
— Grayscale (@Grayscale) September 25, 2020”
The BTC trust is by far the biggest fund that has 82% of the total investment of $4.8 billion, following the ETH trust which has about $784 million invested. The rest is divided into much smaller funds for Ethereum Classic, XRP, Zcash, Litecoin, and Bitcoin Cash. Grayscale buys shares for the investors so that they don’t have more exposure to the underlying assets. If BTC shares are trading at $11.23 and the BTC holdings per share are up almost 46% so far.
The move only shows an interest in Bitcoin and the crypto assets despite the correction by almost 20% since its peak this year. Grayscale stated that there will be a huge wealth transfer over the next quarter-century and the younger generation is interested in BTC:
“$68 trillion will be transferred from older generations to younger generations over the next 25 years. It’s time to pay attention to the behaviors of the next generation of investors.”
The weekend has seen BTC grind slowly higher again in an attempt to get ahead of the psychological $11K price level as analyst Josh Rager observed the weekly candle close, adding that BTC trended up for the third week in a row and will remain bullish. BTC goes on to uptrend and for the third week in a row, closing the support zone of $9900:
Weekly close looks good and don't know why people continue to be overly bearish
Bitcoin got a short term pullback and -20% is nothing unusual
Bitcoin continues to uptrend and for the third week in a row has closed above the support zone of $9900 to $10,175
$11ks next pic.twitter.com/5YFwtEX4Nd
— Josh Rager 📈 (@Josh_Rager) September 28, 2020
The retest of the monthly highs is a sign that there are a lot of buyers, even more than sellers at the moment so the next level is critical and BTC has to hold the $11K zone in order to register further gains.
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