Grayscale, Digital asset manager, has gone on with its accumulation of BTC. In just 16 days, it has bought more than 40,000 BTC.
Since the 13th of January, Digital asset manager Grayscale has added an impressive 40,000 BTC to its bitcoin portfolio.
Major Signals
- Digital asset manager Grayscale has added an impressive 40,000 BTC to its stash since January 13.
- The total of $1.36 billion BTC has been aquired in just 16 days.
- In just 2020 alone, It acquired over 5 billion worth of Bitcoin total assets management is valued at over $20 billion.
This was pointed out by Rafael Schultze-Kraft, the CTO of crypto analytics firm Glassnode. In a post via Twitter, he noted that only 26,000 BTC had been mined into existence since the start of the year.
Then compared it with that of Grayscale, which has purchased Bitcoin at a rate that is 54% faster than the new BTC supply has been created during 2021 so far. Most of it was bought within the last 16 days.
If it sustains its present rate of BTC purchase, Grayscale will have acquired 912,500 BTC, or roughly 5% of Bitcoin’s circulating supply, by the end of 2021.
The company bought more than $5 billion worth of BTC in 2020 alone. During the fourth quarter of last year, it acquired an average of $251 million weekly. Its total assets management is more than $20 billion.
Within 48 hours of Grayscale reopening its services to new investors on January 13, Bitcoin’s price shot up by almost 20%, to just under the $40,000 mark. Know also that, including last quarter’s intake of $3.3 billion, which is mostly BTC, Grayscale’s crypto portfolio sits at $27.6 billion as of 15th January.
With the stats above, it should be clear by now that massive BTC purchases have a significant impact on Bitcoin’s price. Bitcoin’s price has since fallen from $35,000 to $34,000 even as the firm is still acquiring BTC.
Whatever its plans may be for its burgeoning crypto portfolio, it is clear that even now and in the nearest future, they would have a massive influence on Bitcoin and possibly be one of the biggest whales in the crypto market.
