Grayscale is chewing up all the new BTC and then some...

Remember how we wondered how the supply/demand economics would shake out post halving?

Specifically, how a decreasing new issuance rate combined with a constant demand level would impact prices...

Well, Grayscale just put out a very good example of how it's going to play out...

In an independent research report, it's estimated that Grayscale has consumed roughly 150% of all the new BTC created since the halving...

Check it out:

(Source: https://twitter.com/kerooke/status/1265779970183495680)

Grayscale demand via GBTC:

• GBTC has purchased 18,910 bitcoins since halving

• Only 12,337 bitcoins have been created since halving

Said in simpler terms, Grayscale is chewing up all the new supply and then some.

Not only is demand staying constant, but it may be increasing...

Digging deeper into the Grayscale numbers it looks like they have already seen roughly $384 million of inflows.

Compare that to the $388 million they saw in all of Q1, and it looks like they will blow that number out of the water as we still have 5 weeks remaining the quarter!

(Source: https://twitter.com/Z06Z07/status/1265832452175478784)

Not only is demand staying constant, but it looks like it could even be increasing.

Grayscale was one of the largest demand drivers of BTC for all of 2019 and it doesn't look like that is changing any time soon.

Once the supply and demand metrics start being felt by the price over the coming months, we likely have only one direction to go...

Up.

Hopefully it pulls our favorite altcoins up with it as well!

Stay informed my friends.

-Doc