Institutions began to show interest in the Stellar Lumens (XLM) currency. The XLM attack has now come from institutional investors who generally prefer safe ports such as Bitcoin (BTC), Litecoin (LTC) and Ethereum (ETH).
Stellar XLM made by Turkey on March 2 account to explain investment giant Grayscale added 35 million XLM to its crypto assets as of last month.
Grayscale is buying and buying more $ XLM 🚀
— Stellar XLM Türkiye (@StellarXLMTR) March 2, 2021
According to the information shared, 35,855,625 XLM has been included in the hedge fund under Grayscale Investments in the last 30 days. The company also bought 7,169 BTC, 243,519 ETH and 174,939 LTC last month.
Grayscale’s cryptocurrency basket expands
Cryptocurrency accumulation within Grayscale Investments. Source: Bybt
According to shared data, the largest crypto hedge fund has added more than 35 million XLM in the past month. At the time of the publication of the news, it was worth $ 15,371,306.
Grayscale has also added 88,271 Zcash (ZEC), 49,343 Horizen (ZEN), 19,931 Bitcoin Cash (BCH) to its investments in the past 30 days.
According to experts, the interest of institutions in crypto money will increase
As it is known, institutions increased their Bitcoin savings throughout 2020. For example, the value of Grayscale’s crypto assets managed at the beginning of last year increased by 872 percent to $ 17.5 billion at the end of 2020, from $ 1.8 billion. In fact, Grayscale bought more than the number of new Bitcoins produced at the time.
While the interest of institutional investors in cryptocurrencies increased in 2020, it is expected to continue to increase in 2021. Grayscale CEO Michael Sonnenshein said that institutions are now asking “why not” rather than “why” when it comes to investing in Bitcoin.