Bitcoin News

Grayscale Refrains From Buying Bitcoins

Grayscale is a cyptocurrency fund management company. It has heavily bought cryptocurrency over the last few years.

A track record into the investment made by grayscale suggests that it has bought more Bitcoins than mined. It shows that grayscale have been hyperactive with their buying but the phase has seemed to be changed.

Grayscale Bitcoin Trust Fund have been on a halt as far as buying Bitcoins is concerned in the last three weeks or so. In usual circumstances it forms a Form 8-K with the Securities and Exchange Commission (SEC) on a weekly basis. But in their last report as been noted the company has shown the purchase of nearly 20000 Bitcoin back in June 25.

Meanwhile, in the second quarter report GBTC ranked nearly $57.8 million a week in investments.

“There was an administrative quiet period for the Grayscale Bitcoin Trust private placement. The Trust is now open for subscription as of Friday, July 10 at 4:00pm ET,” a grayscale spokesperson told Cointelegraph.

The current situation shows a reversal in interest as it boasts of more Bitcoin than it was ever mined.

“After Bitcoin’s halving in May, 2Q20 inflows into Grayscale Bitcoin Trust surpassed the number of newly-mined Bitcoin over the same period,” he said.

The company also mentioned that with so much inflow to Grayscale Bitcoin Trust relative to newly-mined Bitcoin there is reduction. It has also been mentioned that there is a significant reduction in supply-side pressure. It might be a positive sign for Bitcoin price appreciation.

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