According to the team at Bybt.com, Grayscale investment has bought an additional 17,100 BTC in the last 7 days. This information was shared via the following tweet by the team at Unfolded with an accompanying chart providing the necessary data for a visual representation of the accumulation in the past week by Grayscale.
The additional 17,100 Bitcoin (BTC) owned by Grayscale can be seen via the blue chart (in the tweet) that shows a considerable spike in Bitcoin positions beginning around 20th September. The recent purchase by Grayscale translates to approximately $182 Million using Bitcoin’s current value at $10,600. Further checking the Grayscale website reveals that the total value of their Bitcoin trust now stands at $4.8 Billion.
The recent Bitcoin accumulation by Grayscale comes as no surprise as several investment firms have continued to increase their exposure to BTC. In mid-September, the Chairman and CEO of Microstrategy, Michael Saylor, took to Twitter to announce that the company had purchased a total of 38,250 Bitcoins at an aggregated price of $425 Million.
The two examples highlighted above provide adequate proof that such investment firms are bullish on the long term value of Bitcoin (BTC). Further evidence can be seen through Bitcoin’s resilience in the crypto markets. BTC has traded above the $10k psychological price for almost two months as Q3 2020 comes to an end.
However, the King of Crypto has two short-term hurdles in the form of the weekly close and monthly close. In the case of the former, the weekly close is approximately 8 hours away and a close above $10,400 is very bullish for Bitcoin. The monthly close is roughly three days away and a close above the same level or even $10k is still super bullish for Bitcoin heading into the fourth quarter of 2020.
As with all Bitcoin analyses, traders and investors are reminded that an unstable stock market always has a negative effect on the price of BTC. Therefore, having an eye out for any sudden movements by the S&P 500 or Nasdaq is highly recommended when trading Bitcoin.