In the past few months, Bitcoin has hit a new high for more than a year, the markets pursuit of the concept of DeFi, and the wealth effect generated by the decentralized exchange Uniswap have exceeded the expectations of the classical currency circle.
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Institution Ming Zhuang Grayscale
Gray scale is a bright card.
Last week, Grayscale began to promote by placing advertisements across the United States, allowing more people to focus on investing in digital currencies such as Bitcoin and Ethereum. In the 30-second advertisements released by CNBC, MSNBC, FOX and other platforms, Grayscale’s advertising video shows the evolution of currency for thousands of years, from shells, metals, to today’s legal tender, the video tells the audience Its the era of digital currency, he said.
Previously, there was no shortage of advertisements such as blockchain technology, but there were not many advertisements directly targeting Bitcoin. According to official data, Grayscale has raised a record 1.5 billion equivalent RMB in the week after the advertisement was launched.
As a world-renowned digital currency asset management company, Grayscale manages the funds of individual and institutional investors and participates through off-market funds. According to the data released by the media, as of August 14, the total asset management scale of Grayscale reached 5.9 billion US dollars. And only 3 days later, on August 17, this data has become 61 US dollars.
From the following picture, you can see the grayscale buy, buy, buy more clearly:
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At the same time, more institutions dedicated to Bitcoin funds have also seen this opportunity. From a newspaper in August, you can see such an advertisement about Bitcoin:
The ad was posted by Galaxy Bitcoin Funds, a microcosm of many institutions. Numerous little grayscales are providing institutional investors with compliant and relatively safe digital currency purchase channels, bringing more admission funds to Bitcoin and other digital currencies.
This trend has also continued to other currencies in the digital currency market.
On August 17, Grayscale announced that its Bitcoin Cash Trust Fund and Litecoin Trust Fund have obtained the DTC (Direct To Consumer) qualification and will be able to sell directly to consumers. Similar to GBTC, the Grayscale Bitcoin Cash Trust will trade on the OTC market under the symbol BCHG, and the Grayscale Litecoin Trust will trade on the OTC market under the LTCN token.
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All in investors
Funds have also poured directly into Bitcoin from other investors.
Last week, Nasdaq-listed MicroStrategy (Nasdaq: MSTR ) disclosed for the first time that it was buying bitcoin to hedge against inflation. According to the disclosure, the company has purchased 21,454 bitcoins, which are currently worth more than $250 million.
Previously, although some companies would also manage idle capital and use part of it to buy bonds, such a large-scale bet on Bitcoin was very rare. You know, for this listed company with a total market value of only US$1.2 billion at the time, the act of investing US$250 million in Bitcoin can indeed be called All in.
In the process of choosing which asset to hold as a reserve, they firmly chose Bitcoin. Whats more interesting is that after the announcement of this news, their stock price soared by more than ten points in a short time.
Some foreign media believe that this news marks a watershed for institutions to absorb Bitcoin. Preston Pysh, a well-known digital currency commentator, analyzed on Twitter: I proposed 6 months ago that we will now start to see companies add Bitcoin to their balance sheets as a security.
In addition, some hidden giant whales also surfaced.
Legendary fund manager and billionaire Paul Tudor Jones recently tweeted: I bet on Bitcoin as a safe haven against the devaluation of the dollar, but its performance is unbelievable. My only regret is Not buying more. I believe this price increase were seeing is far from over. In fact, its just getting started!
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positive emotions
More and more people are aware of the case of incremental funds entering the market.
Blocklike learned from Shi Zhuochu, the head of operations of the digital asset management platform BIYA Coinya, Recently, the exchanges we cooperate with have basically seen a certain increase in deposits and withdrawals, and it feels like there is incremental capital.
He observed some details: There are also some wallets that support DeFi and started to cooperate with us. Thats right, the previous wallet products were actually not very willing to add fiat currency transactions, especially decentralized ones. Now we are starting to work on this aspect The change is a good sign. It can be seen that Imtoken is now also connected to fiat currency transactions, and has cooperation with Huobi.”
Another senior investor in the industry also told Blocklike: The heat of the market is very obvious. Such a rise and the heat of speculation cannot be achieved only by the funds in the currency circle in our impression. Now, go out one day Run, there are at least three meetings to attend.”
He also gave an example: As you can see, the open interest of CME Bitcoin futures is a sharp increase. The open interest reached 800 million US dollars, an increase of 120% from the low position in July. This data shows that Not only is money coming in, but sentiment is running high.”
It can be seen that the new incremental market that the entire industry has been looking forward to since the end of 2018 may have quietly arrived. We have reason to believe that Bitcoin and other digital currencies can be more and more accepted by a wider range of people.
