Digital asset manager Grayscale Investments has been gaining momentum since reopening its client investment trusts last week. Data from analytics platform Skew shows that 16,000 bitcoins worth $ 600 million were added to Grayscale funds on January 18 at current exchange rates.
The size of investments has tripled compared to the previous working day. Grayscale CEO Michael Sonnenschein cited Friday as the largest fundraising day in Grayscale history, with over $ 700 million across its product line. The charts assume that the investments made with these capitals were reflected in the financial statements for Monday. In total, the Grayscale fund now has about 633,000 BTC worth $ 23.5 billion.
While it is believed that Grayscale’s over-the-counter purchases have yet to be reflected in the bitcoin market price, investors should be cautious anytime soon as funding rates in the futures market have again reached extremely high values between 0.15% and 0.2%. This suggests an oversupply of margin long positions and an increased likelihood of a sharp depreciation as a result of their liquidation.
Sonnenschein himself does not agree with the words of the CEO of NYDIG that institutional investors in the cryptocurrency market are only interested in Bitcoin. According to him, they are also diversifying their portfolios, including with the help of Bitcoin Cash and Ethereum. In support of these words, he cited statistics reflecting an increase in the share of the circulating volume of some cryptocurrencies, concentrated in Grayscale trusts.
“I can’t say we see the same thing in Grayscale,” he wrote. “Of course, most investors are trying cryptocurrencies through bitcoin for the first time, but we are seeing more and more desire for diversification within the asset class from the institutional side.”
Analysts at JPMorgan previously stated that Grayscale must attract at least $ 100 million per day from customers to continue Bitcoin growth above $ 40,000.
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