Grayscale Controls 3% Of The Total Bitcoin In Supply

Cryptocurrency

Grayscale has taken the crypto industry by storm in the past few weeks, accumulating a massive amount of Bitcoin in such a very short time. Looking at its previous holdings and its latest additions, Grayscale has now achieved a new landmark in the crypto market. According to records, Grayscale now controls close to 3% of the total Bitcoin supply across the globe.

Bitcoin analyst and trader, Mooncarl was the first to notice the figure and called everybody’s attention to it. In a tweet by Mooncarl on Twitter, the crypto analyst and trader noted that the crypto investment firm has yet again bought a massive number of Bitcoin this year. Notably, this purchase is the fourth that the crypto investment firm will make since the start of this year.

Grayscale just added 506,000 Bitcoin to its previous holding

The details of the latest Bitcoin purchase that the firm made showed that the firm added 506,000 Bitcoin, which is presently worth around $8.4 billion. Adding this latest figure to the already existing figure in the crypto investment firm’s confines puts it firmly ahead of other firms.

Grayscale currently holds the largest Bitcoin holding among all other institutional traders and investors. In a data that was shared by coinmarketcap, the total number of Bitcoin that is currently in circulation is 18,538,368, and it is now worth close to $309.772.421.606.

Going by the way Grayscale has been accumulating Bitcoin since the start of the year, it is not surprising to see that the firm currently sits on nothing less than 3% of the total Bitcoin supply. It is safe to say that Grayscale holds nothing less than $9 million in its confines presently.

As expected, Grayscale has received massive criticism from the Bitcoin community over how it has been accumulating the digital asset. The rate at which Grayscale has been purchasing Bitcoin shows that buying pressure in the market has skyrocketed. If institutional investors follow in their lead, then the $20,000 price is attainable in a short while.

Demand for Bitcoin is currently high

Looking at it from another aspect shows that institutional firms purchasing high volumes of Bitcoin have FUD around them, especially when demand for the coin is already high. Even though Grayscasle doesn’t have enough liquidity to dump the Bitcoin in the crypto market now, traders and analysts are wary that they now control the price and would benefit largely anytime they are ready to dump the Bitcoin in the market. Microstrategy is another firm that has purchased massive amounts of Bitcoin, which has seen the outfit’s values very flexible in the holding of the asset.

Since the firm started to increase the number of Bitcoin in its reserves, it has experienced a massive turnaround in fortunes. The firm’s CEO, Michael Saylor, also showed his support for the crypto asset. Analysts have warned that the continued accumulation of Bitcoin by large-scale institutional investors might be to their benefit. They would be able to use it to control the price of the token.