Bitcoin’s price declined to lower levels after reaching an all-time high of $ 42,000. The largest digital asset has recently managed to take its paces to $ 38,000 before witnessing another drop.
However, this drop in price this time was an opportunity for institutions to buy even more BTC. Grayscale has been one such active firm that has added more Bitcoin in the past three days.
10 thousand Bitcoin
According to data provider Bybt, the price of BTC was withdrawn from $ 38,000, while the Grayscale Bitcoin Trust added about 10,000 BTC.
The chart above showed that Grayscale Bitcoin Trust added even more BTC after a break of almost 20 days. Meanwhile, the price of the digital asset has also increased significantly, although the previous acquisition was more than available.
The increase over the past 24 hours indicated that the firm has taken about 5.7 times the daily Bitcoin currently entering the market. This could be creating a shortage for other retail investors.
Market watcher Bloqport noted that in the last 30 days, $ 2.5 billion of 67,000 BTC is equivalent to the value of the remaining exchanges. These BTCs moved to hot / cold wallets.
Demand for the digital asset remains high in the market among institutions such as Grayscale, which recorded 900% growth for its GBTC in 2020.
The falling price provides an opportunity for most institutions to “buy the decline” and create a famine, while making BTC even more scarce. This contributed to Bitcoin’s growth momentum and encouraged accumulation for Bitcoin whales as well.