Grayscale, a leading digital asset management firm, has purchased a total of 995 Bitcoin with a value of over $31 million in the last 24 hours. The company also accumulated 10,234 Litecoin and 10,640 Ethereum Classic at the same time.
According to the data provided by crypto analytics firm Bybt.com, Grayscale has accelerated its holding of altcoins with the recent purchases. In addition to Bitcoin, Litecoin and Ethereum Classic, the company bought 1,787 Bitcoin Cash in a single day.
Grayscale’s total crypto asset under management now stands at around $25.5 billion. Bitcoin is the largest holding of the asset management firm as the company has more than 640,000 Bitcoin. Currently, the total value of Grayscale’s Bitcoin holding is more than $21 billion. Additionally, the firm added nearly 40,000 BTC in the last 30 days.
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The recent accumulation by Grayscale shows that the institutional demand is rising significantly this year. In the Q4 2020 report, the world’s largest asset manager pointed out that institutions accounted for more than 90% of inflows in 2020.
Expansion of Investment Trusts
According to the latest reports, the company is planning to expand its current investment offerings due to growing demand. Since the start of 2021, several crypto assets have outperformed Bitcoin in terms of price gains. Polkadot, Cardano, Chainlink, Litecoin and Stellar are up more than BTC in January 2021. The recent purchases indicate that Grayscale is planning to accelerate the accumulation of cryptocurrency assets other than Bitcoin and Ethereum. Moreover, the company bought nearly 100,000 Litecoin in the last 30 days along with more than 17,000 Bitcoin Cash.
Grayscale’s Ethereum holding decreased slightly during the last 24 hours as the crypto asset manager dropped nearly 600 ETH in a single day. According to the latest report by CoinShares, despite the reason that weekly crypto inflows increased significantly, interest in Ethereum-related investment products decreased over the last week. ETH price is currently trading near $1,340, which is down more than 5% in the last 24 hours.