- Grayscale investment firm has bought 17,100 Bitcoin in the past week.
- BTC faces a strong resistance level at $10,800, as per the daily confluence detector.
Grayscale buys yet another $180M worth Bitcoin
Investment management firm Grayscale has recently resumed its acquisition of Bitcoin. The firm has increased its assets under management (AUM) by over 17,100 Bitcoin ($180 million) in the past week. The total digital assets under management have now surged to 449,900 (a whopping $5 billion).
Grayscale appears to have control over nearly 2.5% of the Bitcoin supply. Grayscale is not the only company that has bought a large portion of Bitcoin. According to an earlier FXStreet report, MicroStrategy purchased an additional 16,796 BTC ($175 million) a few days back.
On September 14, 2020, MicroStrategy completed its acquisition of 16,796 additional bitcoins at an aggregate purchase price of $175 million. To date, we have purchased a total of 38,250 bitcoins at an aggregate purchase price of $425 million, inclusive of fees and expenses.
— Michael Saylor (@michael_saylor) September 15, 2020
Barry Silbert, the CEO of Grayscale, took to Twitter to say that there’s an ongoing “race” between the two firms.
Apparently there is some kind of bitcoin buying race between MicroStrategy and @Grayscale
— Barry Silbert (@barrysilbert) September 15, 2020
Game on
Grayscale has reported $5.8 billion worth assets under management. These assets include Ethereum, Bitcoin Cash and Ethereum Classic, among many others.
09/25/20 UPDATE: Net Assets Under Management, Holdings per Share, and Market Price per Share for our Investment Products.
— Grayscale (@Grayscale) September 25, 2020
Total AUM: $5.8 billion$BTC $BCH $ETH $ETC $ZEN $LTC $XLM $XRP $ZEC pic.twitter.com/FtGxWWnKhE
This sort of institutional attention is highly bullish for Bitcoin.
BTC Age Consumed
Age consumed tracks the movement of previously idle BTC tokens. The metric shows the amount of BTC changing addresses daily multiplied by the number of days since they last moved. Spikes indicate a significant amount of previously idle BTC tokens moving between addresses. A spike usually preceded wild price movements. There was a wild spike on 17.44 million in the three-month period, following which the price went up. Recently, there was a spike of 9.68 million this Tuesday, which will trigger a sharp movement.
Let’s look at the daily confluence detector to see where the price is going to go.
Bitcoin daily confluence detector
Bitcoin is currently sandwiched between a strong resistance ($10,800) and a healthy stack of support ($10,700 - $10,765). The support stack has the one-day Previous Low.
Bitcoin new addresses
As per IntoTheBlock, the number of new addresses entering the protocol rose from 455.6k to 539.45k over the last two days. This is s bullish sign for the network since it shows that it is organically growing. However, it should be noted that the number of new addresses entering has been pretty much consistent over the last month.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Week Ahead: Altcoin plays for traders as Bitcoin crosses $42,000

Bitcoin price hit $40,000 over the weekend as investors anticipate a spot BTC ETF approval in January. Bitcoin trades around $42,000 and shows no signs of stopping. This article will focus on what to expect this week and the outlook for BTC and if the fourth cycle is any different.
Crypto exchanges serving Indian residents to comply with Anti-Money Laundering guidelines: Indian Parliament

Crypto exchanges serving Indian residents to face action if not compliant with Anti-Money Laundering and Countering of Financial Terrorism guidelines.The process of registering offshore exchanges, Virtual Digital Asset service providers has been initiated.
Dogecoin breaks key $0.088 barrier ahead of tenth birthday, 87% DOGE holders at profit

As Dogecoin (DOGE) approaches its tenth anniversary on Wednesday, the Shiba-Inu-themed meme cryptocurrency has surpassed a crucial resistance level at $0.088076, reaching the highest level since mid-April.
Bitcoin price could rally to $45,000 ahead of BTC halving event in April 2024

Bitcoin price crossed the $41,000 mark on Binance, in its ongoing uptrend. BTC price rally is likely driven by the anticipation of Spot Bitcoin ETF approval. There are more catalysts driving BTC price gains in the current cycle.
Analyzing potential $30k corrections ahead of BTC ETF approval

Bitcoin has slowed down its 2023 bull rally as it approaches the $37,000 level. After three weeks of consolidating around this level, BTC shows no directional bias whatsoever. Some investors speculate this could be an upward-sloping accumulation that leads to a $40,000 rally.