The Wall Street BTC accumulation continued despite the asset going on a prolonged consolidation period with the latest one being from Grayscale that continued accumulating as we can see in today’s latest BTC news.
It was noted that the company’s leading BTC trust added 12,319 BTC to its holdings in one day. the number one cryptocurrency continues to be accumulated by Grayscale and as Kevin Rooke noted that the Grayscale Bitcoin Trust added the coins in one single day which is more than the 11,512 that they added during the past week when BTC broke its all-time high. This only shows clear institutional demand from Wall Street BTC accumulation despite the recent consolidation which is only temporary and will likely be related to the holiday season and also because of the large unlocks of private shares of the trusts which can be sold on the market.
— Edward Morra (@edwardmorra_btc) December 21, 2020
Some believe that this could be limiting the inflows into BTC and ETH over the past few weeks but it seems to be a temporary setback for the market. Other institutional players started accumulating the leading cryptocurrency via other sources. The recent confirmation of a large Grayscale purchase came as Microstrategy, the American business service company confirmed a huge purchase for its Treasury:
“TYSONS CORNER, Va.–(BUSINESS WIRE)–Dec. 21, 2020– MicroStrategy® Incorporated (Nasdaq: MSTR) (the “Company”), the largest independent publicly-traded business intelligence company, today announced that it had purchased an additional approximately 29,646 bitcoins for approximately $650.0 million in cash in accordance with its Treasury Reserve Policy, at an average price of approximately $21,925 per bitcoin, inclusive of fees and expenses.”
The company now holds an “aggregate of 70,470 bitcoins which were acquired at an aggregate purchase of $1,125 billion with an average purchase price of approximately $15,964 per bitcoin, inclusive of fees and expenses.” Microstrategy saw the leading cryptocurrency as a superior investment to cash and commenting on the investment, Michael Saylor said:
“The acquisition of additional bitcoins announced today reaffirms our belief that bitcoin, as the world’s most widely-adopted cryptocurrency, is a dependable store of value. We believe the proactive management of our balance sheet, combined with the improved revenue and profitability performance of the Company, have been significant factors in the recent appreciation in our stock price.”
Bad news for Bitcoin bears.
Grayscale's Bitcoin Trust just added 12,319 BTC to $GBTC in a single day.
That's more than the 11,512 BTC they added during all of last week, when Bitcoin broke its ATH.
— Kevin Rooke (@kerooke) December 23, 2020
The corporations and funds investing in BTC in the long-run will restrict the amount of BTC on the market and will push the price over time assuming the demand for the crypto increases.
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