As the price of the leading cryptocurrency Bitcoin [BTC] continues to stay beneath the $13k for over a year now and hovering around $10k for over the past month, there’s no better time to stack some sats.
With the leading digital currency still 45% faraway from its peak benchmark price of $20k, ‘buy the dip’ opportunities are being taken advantage of not just by small players but also big ones.
GBTC [Grayscale Bitcoin Trust] added 17,100 BTC to its possession the past week, increasing its aggregate bitcoin position to 449,900 BTC now. With this, Grayscale now holds 2.4% of the present whole bitcoin supply.
This month has been a dull month, not solely for the worth of bitcoin but also for Grayscale. While BTC price is down -8% this month, Grayscale barely saw any amendments in its total bitcoin position up until 22nd Sept., as per the info offered by Bybit.
This new accumulation might be why bitcoin price didn’t dip further despite strong bearish market expectations.
“Investors can sell. Doesn’t mean coins within the Trust get revealed, just means the Trust becomes undervalued, attracting new investment. It’s a sensible “one-way valve” to make sure assets grow, including the fees over the long run,” added Whlly Woo.
Additionally, more institutional players are taking an interest in bitcoin this year, especially after the central bank initiated printing money. Just last month, we saw MicroStrategy added bitcoin as an inflation hedge to its reserve. Then this month, it added more BTC, bringing the entire sum to 37,800 BTC.
On the other hand, with this, MicroStrategy’s largest investors that embody major asset managers BlackRock and Vanguard and Norway’s $1 trillion oil fund – having a combined holding of about $100 Mln – too have indirect exposure to BTC.