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Grayscale Purchased Around 40k Bitcoin Within The Ongoing Market Dip.
2021-01-29 | Eddy Morgan
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].
