On February 9, the American professional baseball team based in Washington, D.C., the Washington Nationals, announced the team has partnered with Terra, the open-source blockchain platform and decentralized autonomous organization (DAO). The Washington Nationals detail that the team is a “leading innovator” and is “consistently introducing new technologies to enhance the fan experience.” Washington Nationals Ink Long-Term Deal With Terra Major League Baseball (MLB) team the Washington Nationals has partnered with the blockchain platform and DAO Terra, according to an announcement published by the team on Wednesday. The deal with Terra follows a slew of sports-related deals with crypto firms, but the MLB team will be the first to partner with an open-source blockchain project. In addition to the partnership, the algorithmic stablecoin UST that’s issued on the Terra blockchain will be “accepted as a payment method at Nationals Park as early as next season.” “The Nationals continue t...
Some stats indicate Bitcoin’s current rally could be more reliant on institutional investors than ever before.
Within 48 hours of Grayscale reopening its services to new investors on January 13, Bitcoin’s price shot up by almostd 20%, to once again hover just under the $40,000 mark.
During the same period, the institutional investment firm added 4,618 BTC to its portfolio at a current value of $182 million. Including last quarter’s intake of $3.3 billion, which is mostly BTC, Grayscale’s crypto portfolio sits at $27.6 billion.
Bitcoin isn’t the only coin to see strong support since January 13 with the entire crypto market adding $137 billion to surge once again past a $1 trillion market cap.
Grayscale is back！Grayscale gains another 2172 #BTC in 24 hours. Their total AUM now $26.39 billion.
— Bybt (@bybt_com) January 14, 2021
https://t.co/r1tmKT6a3r pic.twitter.com/lZlcJdNvTk
With the increasing demand from institutional investors, Bitcoin’s available supply is becoming increasingly scarce. Yesterday, major exchange eToro announced to users that it expects to experience liquidity problems for its crypto platform, warning that it could limit margin trading and BUY orders over the weekend to cope.
Since Bitcoin’s halving late last year, approximately 900 BTC are being mined each day. According to crypto analytics platform Glassnode, however, on average only one-third of those are actually being sent to exchanges since July 2020.
During the same period, Grayscale has purchased roughly 224,930 Bitcoin, equating to more than 1,200 BTC per day. Not taking into account other institutional investors, the available supply is quickly drying up.
Not all stats suggest institutional investors are playing a core role in crypto’s price however with Grayscale’s Ethereum Trust not receiving the same interest over the last month. The balance has actually reduced by 6036 Ether since December 9 when it reached an all-time high of 2.94 million ETH. During that period, Bitcoin rose by 116%, but Ethereum increased by more than 122%.
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