5.5 C
December 5, 2022
Image default

Bitcoin purchase from Grayscale implies that it could hold 10% of all BTC by 2024

Founded in 2013, Grayscale Investments is already one of the largest in the financial sector in the United States

Grayscale Investments has been in the news lately as a major Bitcoin buyer since the May 11 halving. From that date onwards Grayscale purchased Bitcoins worth almost $ 500 million, making it the largest Bitcoin accumulator on the market.

An analysis by crypto expert Kevin Rooke estimates that the company spent about $ 184 million buying about 19,879 Bitcoins last week. This puts your total BTC accumulation at around 53,000 BTC since halving.

According to Rooke, the investment firm appears to be buying more Bitcoin than is being mined. Last week, miners produced 7,081 BTC, but Grayscale bought 19,879 BTC. This means that the company is buying at a rate almost three times that of the mining rate.

Grayscale could own 10% of all Bitcoin by 2024

In the past 6 weeks, since the halving took place, the company has accumulated about 53,588 BTC. A simple drop in the company’s purchase rate brings the daily value to around 1,190 BTC. Considering that there are currently around 18.4 million Bitcoins in circulation, Grayscale’s purchase rate means that it will own about 3.4% of all Bitcoin on the market by January 2021.

If that rate continues, the percentage will rise to 10% by the next halving forecast for 2024. This will make Grayscale Investments a mega whale.

In addition to aggressive BTC accumulation, Grayscale also appears to be keeping an eye on Ethereum. The company currently has approximately US $ 400 million in ETH.

What does this mean for the market

Grayscale’s move to accumulate a lot of Bitcoin is to become a Bitcoin whale, whose actions may affect the market in the future.

Bitcoin’s history says that many market movements were triggered by the activity of large coin holders. In this case, Grayscale may be positioning itself in a privileged location to stimulate the market and, when it comes to investments, the move can only trigger bullets in Bitcoin bulls in the future. Basically, the accumulation of BTC in Grayscale may well work for the top currency in the long run.

Source: ZyCrypto

Related posts

Bitcoin hashrate recovers and hits new ATH

Anupreet Kaur

Rothschild Investment Increases Bitcoin Investment Trust Holding

Aparnna Hajirnis

Kyrgyzstan wants to regulate the cryptocurrency market –

Aparnna Hajirnis

Leave a Comment