Grayscale increased its Bitcoin purchases amid growing institutional interest. Bitcoin continues sliding down with $8,000 in focus. Grayscale is buying about 2/3 of all new Bitcoin’s supply, according to the research performed by a Reddit user aka parakite. The data shows that the Grayscale Bitcoin Trust increased by over 60,000 BTC from February 7 to May 17, which means that those coins will be locked for at least six months. Those findings are confirmed by another cryptocurrency expert Kevin Rooke, who explained that Grayscale Bitcoin Trust invested nearly 30 billion in Bitcoin per week in Q1 2020, which is ten times more than a year ago. This development may indicate increased institutional interest in Bitcoin as Grayscale Trusts allow them to gain risk-free exposure to digital assets like Bitcoin and Ethereum. Earlier the FXStreet reported that the total value of all assets under management in Grayscale hit the all-time-high at $3.8 billion. Also, Grayscale purchased nearly half of al ETH coins minted since the start of the year. BTC/USD: Technical picture BTC/USD is changing hands at $8,750, down nearly 5% on a day-to-day basis. The first digital asset with the current market value of $162 billion has been moving within a short-term bearish trend since the start of the day and touched the intraday low at $8,637. While the price managed to regain some ground, it is still below the psychological barrier of $9,000. BTC/USD is trying to break weekly SMA50. If this support gives way, the sell-off may start snowballing and take the price to $8,200. Daily SMA50 and 23.6% Fibo retracement may slow down the bears. Though, once it is broken, stronger support of $8,000 will come into view. It is reinforced by daily SMA100 and SMA200 as well as $61.8% Fibo retracement for the downside move from February 2020 high. BTC/USD daily chart FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street Crypto News share Read Next CFTC Positioning Report: EUR net longs at multi-month lows FX Street 3 years Grayscale increased its Bitcoin purchases amid growing institutional interest. Bitcoin continues sliding down with $8,000 in focus. Grayscale is buying about 2/3 of all new Bitcoin's supply, according to the research performed by a Reddit user aka parakite. The data shows that the Grayscale Bitcoin Trust increased by over 60,000 BTC from February 7 to May 17, which means that those coins will be locked for at least six months. Those findings are confirmed by another cryptocurrency expert Kevin Rooke, who explained that Grayscale Bitcoin Trust invested nearly 30 billion in Bitcoin per week in Q1 2020, which is ten… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.