Grayscale hits $13B: Why Bitcoin institutional demand soaring at $19k is bullish
BTC $19,491 (+1.7%) • ETH $591 (+1%) • XRP $0.48 (-2.6%)
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The assets under management (AUM) of Grayscale achieved $13 billion, which is indicative of the large influx of capital into Bitcoin (BTC).
The continuous increase in institutional demand for Bitcoin as the price hovers at $19,000 is optimistic for two reasons.
First, it means that there is consistent demand despite Bitcoin nearing a key resistance area. This shows that institutions are accumulating without the fear of a massive corrective phase at the all-time high.
Second, it shows that the trend of institutions allocating a fraction of their portfolios into Bitcoin is being sustained.
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