According to the website, Grayscale Investments increased assets under management in its Bitcoin Trust last week by 17,100 Bitcoin (BTC), now taking 2.4% of supply.
A great domain ?!
According to Bybt data, Grayscale Investments now has a total of 449,900 Bitcoins under management, bringing the total to $ 4.9 billion USD with Bitcoin at $ 10,860.
And, to offer a more objective perspective, Grayscale now has 2.5% of the total supply of Bitcoin in circulation. However, a fundamental aspect is that this does not necessarily mean that the company is buying Bitcoin directly.
In this way, the increase in Grayscale reserves occurs in a context in which the price of Bitcoin falls but institutional demand increases.
In fact, on September 15, Barry Silbert, CEO of Grayscale, noted on Twitter, perhaps jokingly, that MicroStrategy and Grayscale were in a “buy race” for Bitcoin.
However, the crypto community should not worry that the firm acquires Bitcoin at a faster rate than it is mined. The reason is that most of the crypto purchases you make were already in circulation.
What does it mean for Grayscale to increase the portion of the total Bitcoin supply in its hands? An increase in institutional demand probably.
The hack that shook the crypto market on Friday
On Friday crypto exchange KuCoin confirmed to have been hacked, losing approximately $ 200 million in Bitcoin and ERC20 tokens.
Specifically, hot wallets were affected. According to the crypto exchange, the cold wallets were kept safe. Also, at the time, the crypto exchange promised all affected users to cover the losses.
And, just today, it was discovered that the hacker is trying to launder the stolen money that is made up of several hundred different cryptocurrencies. In accordance with Whale Alert, the hacker moved $ 1.1 million Synthetix (SNX) to Uniswap, a decentralized exchange.
Obviously the hacker chose Uniswap to launder the money because, being a decentralized exchange, he does not have to confirm his identity and no one can prevent him from operating on it.
Likewise, Whale Alert also reported that the hacker has moved several million in cryptocurrencies, much of it in Chainlink (LINK), to unknown wallets.
Meanwhile, some crypto projects worried about what might happen to them if the hacker dumped the funds into the market decided to invalidate or freeze the stolen funds. In fact, they frozen or invalidated around $ 145 million in tokens.
Bitcoin becomes scarcer every day
Today we reported in CryptoTrend how Anthony Pompliano reminded the crypto community that there are only 2.5 million Bitcoin left to mine.
This while the amount of the leading crypto available on crypto exchanges reaches 2019 lows.
The news could be considered bullish, but, more relevant, it is precisely that it celebrates one of the main advantages of Bitcoin: its limited supply.
Ethereum surpasses Bitcoin in total value of crypto fees paid
According to data from Coin Metrics, the cumulative fees paid to Ethereum (ETH) miners during 2020 are now close to double that of Bitcoin, priced at $ 354 million versus $ 157 million.
As we have previously reported from CryptoTrend, the main catalyst for the rise in transaction fees on Ethereum has been the rise of DeFi, however stablecoins like Tether have also played a key role.
In a few lines …
- Genesis Mining published the results of a survey conducted in July where it found that nearly 25% of Americans surveyed want a digital dollar instead of the US dollar.
- Ernst and young (EY) announced the launch of the EY OpsChain Network Procurement (ONP) solution, which promises to bring Blockchain solutions to companies around the world.
- Bitcoin has been on the daily closes above $ 10,000 since July 27, breaking a new record.