- 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
Ethereum dips slightly amid Renzo depeg, BlackRock spot ETH ETF amendment
Ethereum (ETH) suffered a brief decline on Wednesday afternoon despite increased accumulation from whales. This follows Ethereum restaking protocol Renzo restaked ETH (ezETH) crashing from its 1:1 peg with ETH and increased activities surrounding spot Ethereum ETFs.
Injective price weakness persists despite over 5.9 million INJ tokens burned
Injective (INJ) price is trading with a bearish bias, stuck in the lower section of the market range. The bearish outlook abounds despite the network's deflationary efforts to pump the price. Coupled with broader market gloom, INJ token’s doomed days may not be over yet.
US intensifies battle against crypto privacy protocols following crackdown on Samourai Wallet
CEO Keonne Rodriguez and CTO William Lonergan of Samourai Wallet were arrested by the US Department of Justice (DoJ) on Wednesday and charged with $100 million in money laundering on a count and illegal money transmitting on another count. This move could see privacy-focused cryptocurrencies take a dip.
Near Protocol Price Prediction: NEAR fulfills targets but a 10% correction may be on the horizon
Near Protocol price has completed a 55% mean reversal from the bottom of the market range at $4.27. Amid growing bearish activity, NEAR could drop 10% to the $6.00 psychological level before a potential recovery. A break and close above $7.95 would invalidate the downleg thesis.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?