GrayScale Breaks Records, Buys $600 Million Bitcoin

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GrayScale has bought 16,420 bitcoin this Monday, worth $600 million. Making it the biggest one day purchase by far. The biggest stock trading bitcoin provider has now bought about $1 billion worth of bitcoin over the past week, considerably higher than the $100 million a week in November and $500 million weekly in December. “Momentum from Q4 seems to picking up speed into the new year,” Michael Sonnenshein, GrayScale’s CEO, said. They now hold 632,800 bitcoin, worth $24 billion, making GBTC the biggest stockenized bitcoin product by a significant margin. These purchases appear to have not quite reflected on bitcoin’s price as of now, with it trading at $37,000. That may be because they’re bought Over the Counter (OTC) in blocks, rather than on price setting exchanges. OTC purchases tend to have at least a week’s delay and sometime a month as supply and demand pressures make their way. The…

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