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Will Grayscale Push Bitcoin Price Back to the $40000 Mark
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Date:2024-05-11 19:19:02 Channel:Crypto Read:
In the cryptocurrency market, Grayscale Investment Group has always played a pivotal role. Recently, a mysterious operation has appeared in the market, causing people to pay attention to the price of Bitcoin. Does this mean Grayscale will push the price of Bitcoin back to the $40,000 mark? Let’s delve deeper into this mysterious event.Mysterious operations trigger market fluctuationsAs a giant in the cryptocurrency market, Grayscale Investment Group’s behavior has always attracted market attention. Recently, a mysterious operation caused huge fluctuations in the market. According to sources, Grayscale seems to be taking a series of measures aimed at pushing the price of Bitcoin back to a high of $40,000. What motives and strategies are hidden behind this mysterious operation?Grayscale’s influence and actionAs the world's largest digital asset management company, Grayscale has a huge Bitcoin holdings, and its pivotal position is self-evident. Through its massive funding and massive market share, Grayscale is able to have a profound impact on the Bitcoin market. Does the recent mysterious operation mean that Grayscale will use its influence to push the price of Bitcoin to surge again?The motivation behind the mysterious operationPeople have speculated that the reason why Grayscale launched this mysterious operation may be to respond to some changes in the market or to seek greater profits. Some analysts believe that Grayscale may be taking advantage of market volatility to gain more profits through clever operations. Others believe that Grayscale may hope to further consolidate its position and reputation in the market by driving up the price of Bitcoin.Investor speculation and actionFaced with market fluctuations and Grayscale’s mysterious operations, investors have also begun to speculate and take action. Some investors choose to follow Grayscale’s lead and bet on the rise in Bitcoin prices; while others remain cautious and wait and see the market trend. Whether they choose to follow or wait and see, investors are paying close attention to market trends, hoping to seize investment opportunities and obtain more returns.Market uncertainty and opportunitiesIn the cryptocurrency market, uncertainty and opportunity coexist. Grayscale’s mysterious operation has undoubtedly added more variables to the market, making people full of expectations and doubts about the future trend. However, it is within this uncertainty that huge investment opportunities lie hidden. Investors need to remain vigilant, ready to respond to market changes and seize every possible opportunity.ConclusionIn the cryptocurrency market, every slight change can trigger huge market fluctuations. The mysterious operations of Grayscale Investment Group have undoubtedly brought new variables and challenges to the market. Both investors and market observers need to remain vigilant at all times and constantly learn and adapt to market changes. Perhaps, it is in this uncertainty and challenge that we can discover more investment opportunities and possibilities. I hope every investor can succeed in this market full of opportunities and challenges!The four most famous international exchanges:
Binance INTL
OKX INTL
Gate.io INTL
Huobi INTL
China Line APP DL China Line APP DL
China Line APP DL
China Line APP DL
Note: The above exchange logo is the official website registration link, and the text is the APP download link.
Some data suggests that Bitcoin’s current rally may be more dependent on institutional investors than ever before. On January 13, within 48 hours after Grayscale reopened its services to new investors, the price of Bitcoin surged by nearly 20% and was once again hovering near the $40,000 mark.
During the same period, the institutional investment firm added 4,618 BTC to its portfolio, which is now valued at $182 million. Including $3.3 billion last quarter (mostly BTC), Grayscale’s cryptocurrency portfolio size is $27.6 billion.
Bitcoin is not the only cryptocurrency to receive strong support, as the entire crypto market has added $137 billion since January 13, with the total market capitalization once again surpassing $1 trillion.
Grayscale is back! Grayscale accumulated another 2,172 BTC within 24 hours. Its total assets under management are now $26.39 billion. — Bybt (@bybt_com) January 14, 2021
As demand for Bitcoin from institutional investors continues to increase, the available supply of Bitcoin becomes smaller and smaller. Yesterday, major exchange eToro announced to users that it expected its cryptocurrency platform to face liquidity issues, warning that it might combat the issue by limiting margin trading and buy orders over the weekend.
Since the Bitcoin halving last year, approximately 900 BTC have been mined every day. However, since July 2020, on average only one-third of BTC has actually been sent to exchanges, according to data from crypto analytics platform Glassnode.
During the same period, Grayscale has purchased approximately 224,930 Bitcoins, equivalent to more than 1,200 Bitcoins per day. If other institutional investors are not taken into account, the available supply of Bitcoin is quickly drying up.
Not all data suggests that institutional investors have a significant influence on cryptocurrency price movements, and institutional investors have not shown the same interest in Grayscale’s Ethereum Trust over the past month. Since reaching an all-time high of 2.94 million ETH on December 9, the Grayscale Ethereum Trust’s balance has actually decreased by 6,036
ETH. Bitcoin has gained 116% during this period, but Ethereum has gained more than 122%.
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