Grayscale is buying more than just Bitcoin
22% of Grayscale Investments cryptocurrency fund managers Buy Ether as Ether throughout 2020 so far, with a cumulative total of $ 110 million.
Despite paying close attention to the recent massive accumulation activities of Bitcoin Investment Committee Grayscale, or BIT, the crypto fund manager is also aggressively raising the amount of Ether (ETH).
Speaking in a recent episode of the Coincrum market podcast, Grayscale's director of investor relations, Ray Sharif-Askary, revealed that $ 110 million ETH has been purchased by the company since 2020. .
Institutional investors diversify with ETH
As such, these Grayscale purchases are equal to 0.4% of Ethereum's total market capitalization over the past five months. Sharif-Askary noted that more than 38% of Grayscale's existing customers currently hold more than one cryptocurrency asset, a significant increase from about 9% as of 12 months ago.
This is encouraging for investors [...] to diversify in digital currency assets, just as they do with any other traditional asset class, she said.
In the same period, Grayscale bought $ 390 million Bitcoin (BTC), equal to 0.2% of the market capitalization. The company is said to have purchased BTC at a rate equal to 1.5 times the amount of new Bitcoin created through mining.
The Grayscale Ethereum Trust is booming
Grayscale's Ether accumulation has coincided with the strong annual performance (YTD) for the shares in Grayscale Ethereum Trust, which has increased nearly 800% with the last recorded market at $ 210.
Grayscale Ethereum Trust / USD: TradingView
Over the past 24 hours, the trust briefly checked $ 250, bringing a 9% profit for YTD to investors who bought stocks in early January.
Organizations look for inflation barriers in uncertain context
The Sharif-Askary attributes Grayscale's massive cryptocurrency accumulation, to organizations seeking a hedge against inflation to cope with U.S. monetary policy in the wake of the COVID-19 crisis.
From a border perspective, COVID-19 and special policy implications really set the stage for Bitcoin to become a store of valuable assets. [...] Institutional investors are holding active positions in digital assets through our products and that is because they are looking for a scarce asset and can be used as an inflation barrier in a world where we face unprecedented monetary stimulus. "
We have never seen a need like this for our products before.
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