• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Play Games
  • BET&WIN
  • Bitcoin Casino Reviews
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Play Games
  • BET&WIN
  • Bitcoin Casino Reviews
Bitcoinist.com
No Result
View All Result
bitcoin
Nexo

Data Analyst: There Continues to Be Mass Bitcoin Accumulation By Institutional Players

Nick Chong by Nick Chong
2 years ago
in Bitcoin Price
0
Advertisement

At the start of May, Bitcoin experienced its latest block reward halving. This event saw the number of BTC issued per block cut in half from 12.5 coins to 6.25, meaning that there is less supply to satisfy demand.

Fortunately for buyers, demand is rapidly increasing, suggesting Bitcoin should continue to rise.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Institutions Are Scooping Up Bitcoin

According to technology data analyst Kevin Rooke, Grayscale Investments has seen an influx of Bitcoin investment activity over the past few weeks.

His analysis found that in the past week alone, the American firm added 9,503 BTC to their Trust holdings while miners produced 6,863 coins over that same time frame. Grayscale bought these coins in response to client demand for shares of the Trust, which trade under the “GBTC” ticker.

Bitcoin accumulation
Image of Bitcoin accumulation by Grayscale Investments from cryptocurrency and technology data analyst Kevin Rooke (@kerooke on Twitter).

Analysts see this as bullish because the clients of a single Bitcoin firm are absorbing more coins than are minted each week.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

As a pertinent aside, there’s been a similar trend transporting with Grayscale’s other flagship product: the Grayscale Ethereum Trust (ETHE).

A top industry analyst shared on June 4th that the Trust traded at $239.50 a share, more than 1,000% higher than the value of the Ethereum backing the asset. This suggests strong retail and institutional accumulation.

What is the best crypto casino in July 2022? Read our comprehensive comparison! We made deposits, played and reviewed 80+ crypto casinos to choose the best one.
Ethereum price action vs. ETHE price action.
Ethereum price action vs. ETHE price action.

Following the Footsteps of Paul Tudor Jones

The surge in Bitcoin accumulation by Grayscale’s clients seems to be related to one of two things: 1) the block reward halving, or 2) Paul Tudor Jones.

While the firm was already seeing mass inflows before, things have really started to pick up in the past month, after the halving and after Paul Tudor Jones promoted BTC. It isn’t 100% clear which one caused the boost. But in reality, the two events are closely connected.

In early May, the billionaire hedge fund manager came out with a research note titled “The Great Monetary Inflation.”

The note saw the Wall Street veteran explain why there is likely to be the debasement of fiat monies in the ongoing recession caused by the global illness.

Bitcoin, to him, is a way to hedge his portfolio amid these trying times. He explained that the asset’s scarcity, which is enforced by halvings like the one we saw in May, makes it the “fastest horse” in the asset race at the moment.

“The Great Monetary Inflation” was shared widely in mainstream media, leaving some to suggest that it has drawn institutional players into the Bitcoin space. 

A Big Catalyst for Bitcoin

The entrance of institutions into the cryptocurrency space is expected to be a large boost for this nascent market.

Bloomberg senior commodities strategist Mike McGlone made the following comment on institutions in Bitcoin in a June cryptocurrency report: 

“Despite the lack of a U.S. exchange traded fund, Bitcoin on-exchange instruments indicate greater buy-andhold interest, supporting prices. The Grayscale Bitcoin Trust (GBTC), the largest, is taking an increasing amount of supply off the market, yet its premium continues to decline.”

McGlone added that the accumulation shows institutions are “dip buyers,” suggesting they see long-term potential in the cryptocurrency. Goldman Sachs, though, would beg to differ. 

Featured Image from Shutterstock
Price Tags: btcusd, xbtusd, btcusdt
Data Analyst: There Continues to Be Mass Bitcoin Accumulation By Institutional Players
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for many years now. My pieces and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Related Posts

Bitcoin

Bitcoin Drops To $26K As Crypto Sell-Off Continues – Will The Slide Approach $25K?

3 months ago
Bitcoin price

Bitcoin Price Nosedives As Russian Missiles Strike Ukraine’s Cities

6 months ago
Crypto mining

Former Soviet Republic Is Primed For Crypto Mining, Despite Its Burgeoning Power Deficit

6 months ago
European Markets Regulator Urges The EU To Ban Proof-of-Work Bitcoin Mining

European Markets Regulator Urges The EU To Ban Proof-of-Work Bitcoin Mining

7 months ago
Bitcoin mining stocks, a coal mine

Bitcoin Mining Stocks Beat BTC Two-To-One in 2021 ROI

9 months ago
Price, The Bitcoinist Book Club logo

Bitcoinist Book Club: “The Bitcoin Standard” (Chapter 6, Part 1: Price)

1 year ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2022 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Play Games
  • BET&WIN
  • Bitcoin Casino Reviews

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.