Grayscale Investments has purchased almost half a billion dollars in Bitcoin since the May block reward halving, and this week bought BTC around three times faster than miners could produce blocks.
According to a June 25 tweet from crypto analyst Kevin Rooke, the investment firm bought 19,879 Bitcoin (BTC) — $184 million worth — in the last week for its Bitcoin Trust, bringing its total number of coins to roughly 400,000.
Grayscale added 19,879 BTC to their Bitcoin Trust since last week (53,588 BTC since the halving).
Bitcoin miners only produced 7,081 BTC since last week (39,544 BTC since halving).
— Kevin Rooke (@kerooke) June 25, 2020
Rooke stated that not only is Grayscale buying massive amounts of the cryptocurrency, but it’s now doing so at a rate roughly 280% of the new Bitcoin mined. Twitter user Hodlonaut pointed out:
“Grayscale *alone* has taken all BTC mined + 14,000 more BTC off the table since the halving.”
Grayscale is cornering the market
At the moment, there are 18.415 million BTC in circulation, with the rest presumed lost. Grayscale has bought 53,588 BTC in total since the May 11 halving, equating to an average of 1,190 BTC per day. If it keeps buying at this same daily rate