Grayscale Ahead of the PackWith the bitcoin price now perched above $11,000, some investors are finding more reasons to be bullish about the BTC price trajectory. In addition to Grayscale, other publicly traded entities that have also been buying up bitcoin include MicroStrategy, Jack Dorsey’s Square, and others. Coin98 Analytics states that there are more than 10 listed companies with exposure to BTC of more than $6 billion, or 600,000 bitcoins. Meanwhile, in recent days, asset management firm Stone Ridge, which oversees $10 billion in AUM, poured more than $100 million into bitcoin. On the retail investor side, former pro cyclist Lance Armstrong is seemingly dipping his toe into the space.
Grayscale raised $1 billion in Q3, which is their largest quarter ever.— Pomp 🌪 (@APompliano) October 14, 2020
Hard not to be bullish.
Bullish FundamentalsIndeed, as the bitcoin price manages to trade above $11,000 but falls short of the $12,000 handle, the fundamentals appear to be getting stronger. Glassnode points out in a tweet that “accumulation has been on a constant upwards trend for months,” pointing out that 14% of the BTC supply is being held in what’s known as “accumulation addresses.” These represent “hodlers” who have yet to spend their bitcoin.
Meanwhile, the Bitcoin hashrate in recent days attained a new all-time high. According to Arcane Research, the seven-day average hashrate has surpassed 140 EH/S. That’s nearly 40% higher than where the hashrate hovered in early 2020. The coming weeks will show whether these bullish fundamentals spill over into the price through year-end, as some are predicting.
#Bitcoin accumulation has been on a constant upwards trend for months.— glassnode (@glassnode) October 14, 2020
2.6M $BTC (14% of supply) are currently held in accumulation addresses.
Accumulation addresses are defined as addresses that have at least 2 incoming txs and have never spent BTC.https://t.co/VEt4a503ae pic.twitter.com/QhGqmxpv2S
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