What happened: Cathie Wood, founder and CEO of ARK Investment Management, believes establishments saw the correction in the crypto market in March as a buying opportunity.
Referring to the on-chain investigation of Yassine Elmandjra, crypto analyst at ARK, Wood said on Twitter that establishments had used the correction to transfer to Bitcoin (CRYPTO: BTC).
The ARK founder’s comments also mirrored a tweet from ARK analyst Frank Downing. Downing shared an excerpt from a recent Chainalysis report describing the large accumulation in the speed at which primary establishments have followed DeFi.
Also Read: Morgan Stanley Bought $240 Million in Grayscale Bitcoin Trust Shares
By comparison, the same accounted for less than 20% of DeFi transactions in the third quarter of 2020.
Meanwhile, the Buy Bitcoin Worldwide report revealed that establishments now have around $70 billion in Bitcoin.
Of the $70 billion, $40. 1 billion is owned by Bitcoin asset managers, of which Grayscale, the largest virtual asset manager, owns 654,600 BTC around $31 billion.
Price Action: Bitcoin was trading at $47,066 at the time of publication, down 3. 75% over the past 24 hours. The coin had a daily trading volume of $27 billion at the time of writing.
Grayscale inventory closed at $38. 90, down 0. 64% and trading at $38. 92, up 0. 051% after hours at the time of publication.