Credit: Original article published by Coingape.

Institutional crypto fund Grayscale has reached a record high in terms of assets under management as institutions fuel the Bitcoin bull run.

Grayscale has been loading up on digital assets, increasing its AUM as prices continue to climb. This latest milestone has seen that figure hit $7.3 billion as $300 million gets added in one day alone.

The Bitcoin Trust is the largest fund that the firm manages, it currently holds just over $6 billion, or around 82% of the total. The Ethereum trust is the second largest at $942 million, or roughly 13% of the total.

The rest of the firm’s crypto trusts are small holdings of altcoins including Bitcoin Cash, Litecoin, Ethereum Classic, Zcash, and XRP.

The flagship Bitcoin Trust is now larger than the sum of all trusts were just a fortnight ago which is a testament to how much Grayscale is gobbling up.

Billionaire Investor Big on Bitcoin

Other institutional investors are also paying attention, including billionaire hedge fund manager Paul Tudor Jones who added Bitcoin to his portfolio back in May.

Speaking to CNBC, Jones calling Bitcoin the best hedge against inflation, adding;

“I like bitcoin even more now than I did then. I think we are in the first inning of bitcoin and it’s got a long way to go,”

The founder and chief investment officer of Tudor Investment Corporation also compared investing in Bitcoin to putting money behind some of the world’s tech giants.

“Bitcoin has this enormous contingence of really, really smart and sophisticated people who believe in it. It’s like investing with Steve Jobs and Apple or investing in Google early.”

Industry observers have suggested that with so few people investing in Bitcoin, it is more akin to putting money behind Microsoft in the 1980s.

Bitcoin Price Outlook

At the time of writing Bitcoin had retreated from its second venture into the $13k zone and had pulled back to $12,900 according to Tradingview.com.

If the correction continues it could move back to support at the 50 hour moving average around $12,750 before any further upside momentum develops. In terms of resistance, BTC needs to break previous highs of $13,200 before topping the 2019 high of $13,800.

Once that happens, the next target is $16k before reaching all-time high at $20k.

The post Grayscale Adds $300M in One Day, as AUM Hits New High appeared first on Coingape.

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