The digital asset manager’s bitcoin inflows “are too big to allow any position unwinding by momentum traders to create sustained negative price dynamics,” the strategists said.
They stopped short of saying bitcoin is overbought after the cryptocurrency has soared to consecutive record highs in recent weeks.
The most recent data tweeted by Grayscale Investments showed the firm reached $15.5 billion in cryptocurrency assets under management on Dec. 18 – up $2 billion in less than a month. Its Bitcoin Trust is now worth over $13 billion of that total.
Bitcoin hit a new record price of $24,273 on Sunday. At the time of publication, prices were lower around $23,450.