Bitcoin price back in rally mode: Grayscale buys new supply empty
Bitcoin only came under selling pressure for a short time.
Institutional investors are fueling the rally again with their capital inflows
Just in time for the weekend, the Bitcoin exchange rate (BTC) has shifted into forward gear and climbed with a daily gain of 3.7 percent to currently 32,440 US dollars. Since the price slide below the 30,000 mark on Wednesday, follow-up purchases have gradually been preparing the way back to the next higher ten thousand mark. A 24-hour fluctuation range of around 3,500 US dollars shows that trade is clearly picking up speed again.
The fact that the market is soaking up with liquidity again after intermittent distortions can be seen in the recent rapid increase in market capitalization. The total value of all Bitcoin was able to break the 600 billion US dollar mark again in yesterday’s trading. At press time, Bitcoin market capitalization climbs to $ 610 billion.
Bitcoin market capitalization
Grayscale clearly stands out among all the institutional investors who are proving to be the main engine of the Bitcoin rally. The asset manager already holds 3 percent of the total amount of Bitcoin in circulation and ensures a constant purchase of large amounts of BTC with constant purchases in the Bitcoin Trust.
According to Rafael Schultze-Kraft, CEO of the on-chain data platform Glassnode, these already exceed the supply newly generated by miners. While miners have „mined“ 26,000 Bitcoin so far in 2021, Grayscale’s spending already amounts to over 40,000 BTC. Or in the words of Rafael Schultze-Kraft: „That is who you are selling to if you are selling now“ .