Four institutional investment firms have purchased 250,204 shares of Grayscale’s Bitcoin investment product, making Bitcoin (BTC) part of their portfolios. The Grayscale Bitcoin Trust (GBTC) offers institutional investors the opportunity to invest in Bitcoin (BTC) as its shares track the performance of the leading crypto. According to Grayscale, each share represents 0.00093848 BTC. According to recent filings with the U.S. Securities and Exchange Commission (SEC), four asset managers have either bought the first tranche of GBTC shares or increased their holdings. Details Cryptocoin. com.
Bitcoin enters the portfolio of giants
Ancora, a well-established Ohio-based consulting firm, has purchased 13,945 GBTC shares, according to filings for the 30 June reporting period. Founded in 2003, the company currently manages $9.40 billion in assets. Also, according to the filings for the June 30 reporting period, Clear Perspective has purchased 7,790 GBTC shares. It has over $591 million in assets under the management of the Illinois-based investment advisor.
Filings with the SEC show Boston Private Wealth has acquired two tranches of GBTC shares this year. As of March 31 of this year, the firm held 88,189 GBTC shares, but as of the 30 June reporting period, the firm increased its exposure to 103,469 GBTC. The investment advisory firm is valued at $17.2 billion in assets under management.
Parkwood, a Cleveland-based financial services firm, also increased its GBTC shares. As of March 31, Parkwood had 93,000 GBTC shares. By June 30, the company’s GBTC shares had risen to 125,000 shares. The firm’s portfolio value is currently $863.63 million. Bitcoin is trading at just over $47,000 at the time of writing, according to CoinGecko.
Here are the things that can push Bitcoin to 3-month highs
Bitcoin (BTC) price hit a three-month high of $47,998 as the crypto market looks poised for another bull rally. The flagship cryptocurrency has managed to break through the three-month bearish phase to kick off a strong nodollar in August. Again, it was rejected at the $48,000 level and getting ahead of the key resistance will soon push it into the $50,000 price zone, according to analyst Prashant Jha.
BTC dropped to a weekly low of $45,000 on Saturday, but recovered on Sunday and challenged $48,000 again. The largest cryptocurrency is currently trading between $45,000 and $48,000, with strong on-chain support. Bitcoin managed to pass three resistances fairly quickly in the first two weeks of August, pushing key resistances above $40k. This is a strong bullish sign as the leading currency has struggled to hold above $35,000 for most of the past three months. BTC’s on-chain metrics have also shown a big improvement as the key ones in the last few metrics have given bullish signals.
The Bitcoin hash rate is currently recovering and approaching ATHs, an important sign that major mining pairs migrating from China are restarting their overseas mining pairs. The average hashrate in the last day was 144.12 EH/s, the average hashrate in the last 3 days was 128, and the average hashrate in the last 7 days was 118.22.
Since BTC managed to break the $40,000 resistance, the series of large transaction activities on the chain has soared, indicative of rising investor confidence. On-chain transactions worth $10 million or more account for more than 50% of transactions. Crowd sentiment data from Santiment shows that FOMO among investors is increasing as they anticipate another bull run that could retest its previous ATH at $64,683. The data shows that optimism has risen but is currently not reaching enthusiastic levels. According to analyst Prashant Jha, a FOMO in the coming weeks could soon lead the BTC price to the new ATH.