GBTC volumes reach new heights suggesting increased interest from fiat investors. Furthermore, the number of whales holding Bitcoin also witnessed a rise as bullish sentiment surges.
Whales start showing interest in Bitcoin as the number of addresses holding more than 1 Bitcoin rise.stagnated around the $30,000 and $31,000 levels, prompting concerns among investors about a potential price decline. The prolonged period of stability led to uncertainty regarding the cryptocurrency’s future performance, with investors closely monitoring market trends and indicators for any signs of price movement.
Investors can acquire GBTC shares through brokerage accounts that offer indirect ownership of Bitcoin through the trust. GBTC’s primary objective is to mirror the Bitcoin market price and provide institutional and accredited investors with a conventional means of investing in Bitcoin within traditional investment accounts.
According to recent data, Grayscale’s GBTC experienced a surge in daily volumes, reaching the highest level of the year. This increase was attributed to a rise in spot ETF filings and a decrease in the discount to net asset value. The daily volumes for Grayscale’s largest fund product peaked at $183 million on 13 July, following a previous high of $170 million on June 20. These figures indicated strong investor interest and activity in GBTC during these specific periods.The growing interest in GBTC signals that investors in the fiat markets also want to gain exposure to Bitcoin going forward. It indicates that investors in the fiat sector expect BTC’s price to rise even further in the future.
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