Miners are running out of time to mine bitcoins for Grayscale
CONTENT

  • Grayscale has bought over 18,000 bitcoins in the past couple of weeks.

  • Miners have mined only 12,000 coins since halving.

  • Grayscale manages $ 3.7 billion of crypto assets.

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Interest in bitcoin from institutional investors continues to grow, with some large companies buying up the main digital asset in unprecedented volumes.

For example, Grayscale has been aggressively buying cryptocurrency following the halving earlier this month. Over the past couple of weeks, the investment company has acquired 18,910 bitcoins, as reported by investor and independent researcher Kevin Rook [@kerooke]:

Wall Street is hungry for bitcoin, and investors don’t care what they say at Goldman Sachs and other banks.

Since the halving, miners have mined 12,337 coins, thus Grayscale bought even more tokens than were mined during this period, adding another 50% to its portfolio.

Miners are running out of time to mine bitcoins for Grayscale

Grayscale’s Bitcoin Trust is one of the largest institutional investor-targeted funds in the industry.

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Bitcoin Trust gives investors the ability to build exposure to the largest cryptocurrency without actually buying the asset.

According to the latest information, each share of the Grayscale fund in bitcoins is currently valued at $ 8.96, while the market price of one share is $ 10.88. Today, the investment company manages assets worth $ 3.7 billion, which is 1.4% of the total market capitalization of cryptocurrencies..

Founder and CEO Barry Silbert [@barrysilbert] ironically responded to Kevin Ruck’s post, signaling that Grayscale may continue to aggressively buy bitcoin.

Bitcoin rally stalled

After two days of growth, the bitcoin rate renewed 9-day highs around $ 9600 in the first half of Friday trading. However, the digital currency could not continue to rise and challenge the psychological $ 10,000 mark, returning to the opening levels of the trading day.

On the weekly chart, BTCUSD is trading slightly in positive territory, holding above the 50-week moving average, which runs around $ 8,800.

In the short term, the main task of the coin is to stay above the $ 9000 level in the event of the loss of local support at $ 9400. Earlier today, the editorial staff of BeInCrypto wrote that the bitcoin rate is trading within a short-term upward channel, having made a breakout of the resistance area of ​​$ 9250.

 

Do you think bitcoin will be able to stay at current levels and subsequently resume its rise? Or is it a bearish correction? Share your thoughts with us in the comments and join the discussion in our Teleg channel https://teleg.run/beincrypto_en

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