Grayscale Buys 10 Times The Amount Of Bitcoin Mined

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Grayscale, known as the gateway to institutional investors, does not slow down Bitcoin (BTC) purchases. Looking at Grayscale’s Bitcoin funds, it seems that 9,603 BTC was received on December 24 alone. According to the average BTC unit price of $ 23,000 at that time, it can be said that this purchase corresponds to $ 220 million. This is not the main attraction of Grayscale’s BTC acquisition.

Grayscale received 9,603 BTC in a single day

Grayscale’s 1-day BTC purchase on December 24 is equal to 10.6 times the amount of BTC mined that day. Grayscale’s purchases alone started to amount to 10 times the amount of BTC mined daily. This situation points to the “liquidity crisis” expressed by many experts.

https://twitter.com/GbtcT/status/1343480363956514817

Corresponds to the dates when the bitcoin price rose

Grayscale purchased 34,000 Bitcoins in a 4-day period. When we look at the dates of Grayscale’s purchase of Bitcoin and the amount of them, it is seen that the date of December 22 stands out. While the Bitcoin price was trading at $ 22,800 on December 22, it climbed to $ 23,900 on December 23, following this transaction and history. The giant firm was on the agenda with the purchase of more than 12 thousand BTC on December 23. In the continuation of the purchases made by Grayscale, it is seen that the BTC price continued to rise and the record of $ 28,000 was broken.

However, this does not mean that the price has climbed to such a record high with Bitcoin purchases made only for GBTC. However, assuming that MicroStrategy, Grayscale and many other corporate names made purchases on the same dates, the rise of Bitcoin last week can be placed on a logical basis.

See Also
Grayscale Holds 3 Percent of Total Bitcoin Supply

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