Grayscale Bought 17,100 BTC Last Week, Now Holds 2.4% of Bitcoin’s Supply

2020-9-29 18:56

As the bitcoin price continues to remain under $13,000 for over a year now and around $10,000 for more than the past month, there is no better time to stack some sats.

With the leading digital currency still 45% away from its peak of $20,000, ‘buy the dip' opportunities are being taken advantage of not just by small players but also big ones.

Grayscale Bitcoin Trust (GBTC) added 17,100 BTC to its coffers the past week, increasing its aggregate bitcoin position to 449,900 BTC. With this, Grayscale now holds 2.4% of the current bitcoin supply.

September has been a dull month, not just for the price of bitcoin but also for Grayscale. While BTC price is down -8% this month, Grayscale barely saw any change in its total bitcoin position up until Sept. 22nd, as per the data provided by Bybit.

This latest accumulation could be why bitcoin price didn’t dip further despite strong bearish market expectations.

“What's interesting about Grayscale Bitcoin Trust is it's Hotel California, those coins are free to come in, but they can never leave. It's quite brilliant to perpetually drive more coins into the Trust, at the sacrifice of decentralisation,” said on-chain analyst Willy Woo.

“Investors can sell. Doesn’t mean coins in the Trust get released, just means the Trust becomes undervalued, attracting new investment. It’s a smart “one way valve” to ensure assets grow, including the fees over the long run,” he added.

More and more institutional players are taking an interest in bitcoin this year, especially after the central bank started printing money. Just last month, we saw MicroStrategy added bitcoin as an inflation hedge to its reserve. Then this month, it added more BTC, bringing the total to 37,800 BTC.

Interestingly, with this, MicroStrategy's biggest investors that include major asset managers BlackRock and Vanguard and Norway’s $1 trillion oil fund — having a combined holding of about $100 million — also have indirect exposure to bitcoin.

As Micah Erstling, a trader at crypto market maker GSR, said, “Institutional curiosity and explorations continue to increase.”

Also Read: Bitcoin Scales Just Fine As A Store Of Value Says MicroStrategy CEO

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The post Grayscale Bought 17,100 BTC Last Week, Now Holds 2.4% of Bitcoin’s Supply first appeared on BitcoinExchangeGuide.

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