Bitcoin has seen some volatility over the past few weeks. The cryptocurrency has bounced between $30,000 and $40,000, even falling below the former level at one point in time in a move that scared bulls.
Unfazed by the recent market volatility, data shows that institutional players have been adding to their Bitcoin positions.
Grayscale adds Bitcoin positions
According to crypto data aggregator Bloqport, Grayscale Investments, a Wall Street digital asset manager, added BTC worth $118 million to its coffers over the past day. This adds to the $1 billion that Grayscale has bought for its clients over the past seven days.
This means that the company now has over $20 billion worth of the leading cryptocurrency under management, which is up by over seven percent in BTC terms over the past 30 days alone.
— Bloqport (@Bloqport) January 22, 2021
Grayscale is adding these funds for its Grayscale Bitcoin Trust, which holds BTC for accredited investors, often including hedge funds and other institutional players that need exposure to this space.