It is a well-known fact that Grayscale is actively buying up a lot of Bitcoin since the halving. That trend has seemingly continued over the past week, further indicating that a price jump may be a matter of time.
A lot of people keep a close eye on Grayscale right now.
Grayscale Keeps Hoarding Bitcoin
Ever since the company began scooping up massive amounts of Bitcoin, there have been questions as to how long this will last.
Based on statistics for the past week, it seems the momentum isn’t slowing down yet.
With over 9.500 BTC purchased in the past 8 days, Grayscale is doing an invaluable service to the cryptocurrency industry.
In comparison, roughly 7,200 BTC have been mined in that same period.
As such, more Bitcoin has been taken off the market, and no new supply has been added.
That is very interesting, even though the Bitcoin price failed to remain above $10,000.
This makes one wonder what it will take to move the Bitcoin price in the right direction.
Grayscale on its own seemingly can’t move the market, despite these massive efforts.
It is now up to service providers to do their part, but that is much easier said than done.