Bitcoin (BTC) Slip, but Institutions are Nonetheless FOMOing

Event though prices have since cooled off, the Grayscale Bitcoin Trust (GBTC) traded at $11.44. This essentially placed a price tag of $11,600 on Bitcoin on May 29th. Taking to Twitter, Rhythm Trader said:

“Grayscale Bitcoin Trust accumulated 11,236 BTC in April alone. Currently, 54,000 Bitcoin is mined per month. Right now, they are buying up 21 percent of the new supply of Bitcoin. In a year, the halvening will double that number to 42 percent of the supply. Institutions are FOMOing.”

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