Grayscale Purchased Around 40k Bitcoin Within The Ongoing Market Dip.

Grayscale Purchased Around 40k Bitcoin Within The Ongoing Market Dip.

2021-01-29 | Eddy Morgan

Grayscale Purchased Around 40k Bitcoin Within The Ongoing Market Dip.

Virtual asset manager Grayscale has revealed some little signs of slowing down its Bitcoin [BTC] accumulation, adding around 40k BTC to its stash since 13th January. That's around $1.36 Bln worth of Bitcoin in solely 16 days. The dramatic accumulation was revealed by Rafael Schultze-Kraft, the CTO of cryptocurrency analytics firm Glassnode, who added that solely 26k BTC are mined into existence since the beginning of the year. That means Grayscale has purchased Bitcoin [BTC] at a rate that's 54% faster than the new BTC supply that has been created during 2021 thus far. However, the overwhelming majority was purchased within the last 16 days, meaning that for the past 15 days. Grayscale has been purchasing around 170% more Bitcoin than was mined over the same period of time. GreyScale Purchased Around 40k Bitcoin Within The Ongoing Market Dip. If it keeps purchasing at such high levels, Grayscale will have amassed 912,500 BTC, or roughly 5% of Bitcoin’s circulating supply, by the end of this year. Grayscale purchased over $5  Bln worth of Bitcoin earlier in 2020, with the firm accumulating $251 Mln weekly on average during the fourth quarter - driving the worth of its total assets under management to over $20 Bln. The fund manager’s massive Bitcoin [BTC] purchases have long been rumored to exert a big impact on Bitcoin’s price, with BTC gaining 20% within 48 hours of the Bitcoin Trust recommencing operations on 13th January. Moreover, since 18th January, Bitcoin’s price fell from $35k to $34k even while the firm was accumulating Bitcoin [BTC].

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