Within 48 hours after Grayscale reopened its services to new investors on January 13th, the price of bitcoin surged nearly 20%, again dropping below the $ 40,000 mark.

During the same period, the institutional investment firm added 4,618 BTC to the portfolio with a present value of $ 182 million. Including Q4 revenue of $ 3.3 billion, which is mostly BTC, Grayscale is worth $ 27.6 billion.

Bitcoin is not the only currency to have received strong support since January 13, when the entire cryptocurrency market added $ 137 billion and again surpassed the market value of $ 1 trillion.

With increasing demand from institutional investors, the available Bitcoin supply is getting smaller and smaller. Yesterday, eToro announced on the main exchange for users that they expect to face liquidity problems for the crypto platform, and warned that it could restrict margin trading and buy orders over the weekend.

Since the halving of bitcoins late last year, nearly 900 bitcoins have been mined every day. Since July 2020, on average, only a third of them have actually been sent to exchanges, according to Cryptanalysis platform Glassnode.

During the same period, Grayscale acquired approximately 224,930 bitcoins, which is the equivalent of over 1,200 bitcoins per day. Regardless of other institutional investors, the available supply is quickly disappearing.

Not all statistics show institutional investors play an important role in the price of cryptocurrency, but the Grayscales Ethereum Trust did not receive the same benefit in the past month. The balance has actually decreased by 6,036 ethers since December 9, when it peaked at 2.94 million ethers. During this period, the price of bitcoins increased by 116%, while Ethereum rose by more than 122%.

Source: CoinTelegraph

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