Sunday, April 11, 2021

Grayscale Buys 12,320 BTC $285,608,400 in a Day, Now Holds Nearly 600,000 BTC

The world’s largest crypto assets manager, Grayscale, just added over 10,000 BTC to its portfolio in a single day. This recent accumulation brings the total number of BTC in its custody to around 600,000.

Going by the data from Bybt, the crypto futures trading and information platform, Grayscale was holding 576,650 BTC on 21st December 2020. Just a day later, the number increased to 588,970, which implies 12,320 BTC purchases.

Read Also: Grayscale Now Has $763.8M Worth of ETH As It Filed To Make Ethereum Trust US SEC Reporting Firm

Grayscale’s Purchase Surpasses 13-Day Bitcoin (BTC) Supply

According to estimation, the number of Bitcoin (BTC) added on a daily basis to the total circulating supply is 900. This implies that Grayscale’s recent purchase (12,320 BTC) surpassed the 13-day supply (11,700 BTC) of newly mined BTC.

Considering the current price of Bitcoin in the market, the value of the crypto-asset manager’s total BTC holdings stands around $13.8 billion. While the worth of the latest Grayscale BTC purchase is valued at around $285 million.

According to the company’s recent update on Twitter, the total assets under management now worth $16.4 billion.

Read Also: Bitcoin Advocate and Founder of Blockware Solutions, Mathew D’Souza Dies At 29

Grayscale Bitcoin Purchases Have Increased Six-Fold Year-Over-Year

In a recent interview on CNBC, Michael Sonnenshein, the Grayscale Investments’ managing director, revealed that the firm’s rate of buying Bitcoin (BTC) has increased six-fold year-over-year.

In the course of the conversation, Sonnenshein also posited that the current Bitcoin bull market is vastly different from the one that played out in 2017.

“At Grayscale, our flows are now probably up 6X what they were last year. And the types of investors that are putting capital to work are unlike any of the investors we have seen ever before. It’s some of the world’s largest investors and the allocations that they are making are bigger than we’ve ever seen before.”

“I think this is a very different scenario than we were in in 2017. Back then, Bitcoin didn’t break that psychologically important $20,000 mark. And it’s really not surprising to us that it has this year.

Read Also: Buying ETH Now Is like Buying It Under $300 In 2017; it’ll Likely Rip up above $306 –Expert Trader

“There really are a couple of important factors at play that weren’t here in the 2017 rally. And it’s investment banks writing research highlighting Bitcoin’s superiority to gold. You guys have seen prominent investors coming out and supporting this asset class.

“You have corporations adding Bitcoin to their balance sheets. These are not factors at play that we have seen before for this asset.”

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Solomon Odunayo
Solomon has a growing passion for writing, this propelled him to keenly work on Eagles News Media for about two years before delving into the cryptocurrency and Blockchain industry he finds more interesting. He worked as a crypto Journalist and Editor at NewsLogical before joining Herald Sheets, owing to the priceless experience he has accumulated since he became a contributor in the crypto community.

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