{"id":564013,"date":"2020-09-27T18:37:45","date_gmt":"2020-09-27T15:37:45","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=564013"},"modified":"2020-09-27T18:37:45","modified_gmt":"2020-09-27T15:37:45","slug":"grayscale-adds-17100-btc-to-its-bitcoin-holdings-in-one-week","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/grayscale-adds-17100-btc-to-its-bitcoin-holdings-in-one-week\/","title":{"rendered":"Grayscale Adds 17,100 BTC to its Bitcoin Holdings in One Week"},"content":{"rendered":"<p><strong>Quick take:<\/strong><\/p>\n<ul>\n<li><strong>In the last week, Grayscale Investments has accumulated an additional 17,100 BTC<\/strong><\/li>\n<li><strong>This adds to its already impressive Bitcoin holdings that are currently valued at approximately $4.8 Billion<\/strong><\/li>\n<li><strong>Such a large accumulation can only mean that Bitcoin&#8217;s long term trajectory is up<\/strong><\/li>\n<\/ul>\n<p>According to the team at Bybt.com, <a href=\"https:\/\/en.ethereumworldnews.com\/btc-breaks-12k-on-the-eve-of-grayscales-bitcoin-tv-ad-campaign\/\" target=\"_blank\" rel=\"noopener noreferrer\">Grayscale investment<\/a> has bought an additional 17,100 BTC in the last 7 days. This information was shared via the following tweet by the team at Unfolded with an accompanying chart providing the necessary data for a visual representation of the accumulation in the past week by Grayscale.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Grayscale buys additional 17100 <a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">$BTC<\/a><\/p>\n<p>data <a href=\"https:\/\/twitter.com\/bybt_com?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">@bybt_com<\/a> <a href=\"https:\/\/t.co\/yGfIgAkLU4\" rel=\"nofollow\">pic.twitter.com\/yGfIgAkLU4<\/a><\/p>\n<p>&mdash; unfolded. (@cryptounfolded) <a href=\"https:\/\/twitter.com\/cryptounfolded\/status\/1310225180405436420?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">September 27, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The additional 17,100 <a href=\"https:\/\/en.ethereumworldnews.com\/category\/news\/latest-bitcoin-btc-news\/\" target=\"_blank\" rel=\"noopener noreferrer\">Bitcoin (BTC)<\/a> 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.\u00a0The recent purchase by Grayscale translates to approximately $182 Million using Bitcoin&#8217;s current value at $10,600. Further checking the Grayscale website reveals that the total value of <a href=\"https:\/\/grayscale.co\/bitcoin-trust\/\" target=\"_blank\" rel=\"noopener noreferrer\">their Bitcoin trust<\/a> now stands at $4.8 Billion.<\/p>\n<p>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.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">On September 14, 2020, MicroStrategy completed its acquisition of 16,796 additional bitcoins at an aggregate purchase price of $175 million. To date, we have purchased a total of 38,250 bitcoins at an aggregate purchase price of $425 million, inclusive of fees and expenses.<\/p>\n<p>&mdash; Michael Saylor (@michael_saylor) <a href=\"https:\/\/twitter.com\/michael_saylor\/status\/1305850568531947520?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">September 15, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2>Accumulation Can Only Mean Bitcoin is Bullish Long Term<\/h2>\n<p>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&#8217;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.<\/p>\n<p>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 <a href=\"https:\/\/en.ethereumworldnews.com\/10k-is-bitcoins-btc-new-baseline-tyler-winklevoss\/\" target=\"_blank\" rel=\"noopener noreferrer\">or even $10k<\/a> is still super bullish for Bitcoin heading into the fourth quarter of 2020.<\/p>\n<p>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 <a href=\"https:\/\/en.ethereumworldnews.com\/its-a-tense-moment-for-bitcoin-btc-as-us-economy-shrinks-by-32-9\/\" target=\"_blank\" rel=\"noopener noreferrer\">by the S&amp;P 500<\/a> or Nasdaq is highly recommended when trading Bitcoin.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Quick take: In the last week, Grayscale Investments has accumulated an additional 17,100 BTC This adds to its already impressive Bitcoin holdings that are currently valued at approximately $4.8 Billion Such a large accumulation can only mean that Bitcoin&#8217;s long term trajectory is up 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 [&hellip;]<\/p>\n","protected":false},"author":22,"featured_media":563552,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[800],"tags":[1233,6961,4226,4227],"_links":{"self":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/564013"}],"collection":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/users\/22"}],"replies":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/comments?post=564013"}],"version-history":[{"count":0,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/564013\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media\/563552"}],"wp:attachment":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media?parent=564013"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/categories?post=564013"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/tags?post=564013"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}