Another week and another massive BTC consumption week for Grayscale

Grayscale continues to buy more BTC each week than is being created...

This last week Grayscale and their bitcoin investment trust (GBTC) have added 9,503 to their trust.

Over that same time period only 6,863 new bitcoin have been created.

That means Grayscale consumed almost 150% of the newly created BTC last week!

(Source: https://twitter.com/kerooke/status/1268642107486593024)

This has been going on since the halving...

This latest week of consumption by Grayscale and GBTC has been going on pretty much ever since the halving.

Looking at the totals, it now looks like Grayscale has consumed roughly 28,400 BTC since the halving.

Over that time period only 19,200 BTC have been created.

Which means...

*Since the halving, Grayscale has consumed roughly 150% of all the new bitcoin created during that time!

Grayscale is a great proxy for institutional involvement.

And judging by the recent numbers, we are seeing pretty good institutional demand. Not to mention that the CME bitcoin futures products continue to see robust and increasing volume just about every week as of late which is another proxy for institutional involvement.

I can't imagine this level of demand will continue for much longer before it starts to seriously impact the price of bitcoin.

If just one fund is buying 150% of the newly created bitcoin each week, that sure doesn't leave much bitcoin for the rest of the world!

Stay informed my friends.

-Doc