Square and Grayscale Accumulated $2.3b Worth of Bitcoin Over Q3

Bitcoin has undergone a strong surge over the past few months. Data indicates that this rally is a result of mass accumulation by both retail and institutional players through venues like Square and Grayscale. Square and Grayscale alone have accumulated $2.3 billion worth of Bitcoin in the past quarter. For context, Bitcoin miners brought in around $1 billion worth of BTC over the course of the past quarter. Institutions Accumulate Bitcoin En-Masse: Data Bitcoin has undergone a strong surge over the past few months in the face of the worst economy in a few decades and much uncertainty. From the March lows, the price of the leading cryptocurrency has rocketed higher by around 350%, outperforming most other macro assets. BTC currently trades for $15,700, far above the 2019 highs and almost at the 2018 highs. The leading cryptocurrency has gained 50% in the past 30 days alone, managing to gain…

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