Digital wealth fund buys 40,000 BTC – Miners just can’t keep up!

Bitcoin (BTC) miners can’t keep up with the demand from digital asset manager Grayscale. Grayscale, who has added nearly 40,000 BTC to his Bitcoin deposits since January 13, has purchased around $ 1.36 billion worth of cryptocurrency in just 16 days.

Rafael Schultze-Kraft, CTO of crypto analytics firm Glassnode, said that only 26,000 BTC had been mined since the beginning of the year. stated. Compared to this amount, it turns out that Grayscale has bought Bitcoin 54 percent faster than the new BTC supply created in 2021 so far. The vast majority were purchased within the last 16 days. According to another account, over the past two weeks, Grayscale has purchased 170 percent more Bitcoins mined during the same period.

If Grayscale continues to buy at such high levels, it will have accumulated 912,500 BTC, or roughly 5 percent of Bitcoin’s circulating supply, by the end of 2021.

Grayscale purchased more than $ 5 billion in Bitcoin in 2020, and the firm accumulated an average of $ 251 million weekly in the fourth quarter. He raised the value of his total assets under his management to over $ 20 billion.

The fund manager’s massive BTC purchases have long been said to have had a significant impact on Bitcoin’s price. Despite the resumption of Bitcoin Trust operations on January 13, the price of Bitcoin has dropped from $ 35,000 to $ 34,000 since January 18, although it gained 20 percent in value within 48 hours. Moreover, even while the company is accumulating large amounts of BTC …

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