Grayscale Asset Manager added 18 times more bitcoins (BTC) than miners who added to the offer in just one day on January 18th.

Grayscale, which remains the largest institutional buyer in the bitcoin space, bought a total of 16,244 BTC ($ 607 million) on Monday, as confirmed by various data sources.

BTC buys accelerators again
Whistle totals are some of the largest ever and are ranked according to what Grayscale just tried last week. The company previously carried out daily purchases, but stopped during the holiday season and cut inventory in the first week of the new year.

Monday’s action boosts total assets (AUM) to nearly $ 23 billion. As reported by Cointelegraph, the total has grown to 2020.

Danny Scott, CEO of UK-based cryptocurrency exchange CoinCorner, tweeted: “In Q4 2020, Grayscale bought an average of 251 million bitcoins # per week.”

“Last week they made $ 700 million in one day … and today they made $ 590 million … Watch out.”

Shameless bullish sentiment on bitcoin
The move confirms Grayscale’s continued belief in bitcoin as a long-term game, as institutions prefer bitcoin to other forms of gross assets.

Despite controversial statements from Guggenheim, another asset manager who will begin exploring BTC this month, industry sources say the public announcements are obscuring the true extent of companies’ involvement.

“There is huge institutional demand, and for the most part it is quiet,” said Gemini Exchange co-founder Tyler Winklewos, poisoning Peter Schiff’s gold bug by stating that players are not really interested in bitcoin.

Meanwhile, CryptoQuant’s chain analysis data shows changes in Grayscale’s buying habits, with the largest short-term increase in BTC holdings this year at the end of 2020.

Previously, JPMorgan analysts argued that the Grayscale Bitcoin Trust would need to save $ 100 million a day in bitcoin to have a chance to recover the $ 40,000 price level.

Source: CoinTelegraph

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