Hello!

I lied. That's not accurate. Somebody bought all the Bitcoin that were mined last week (7,081 BTC), and even more! Concretely, x2,8 times, almost tripled the amount produced for the miners.
Of course this is reducing the supply of the market as these are going to be HODLed at least for a while.

Who did that?

Grayscale, which is the world’s largest digital currency asset manager, with more than $4.1B in assets under management as published in his own twitter 2 hours ago.

I wrote a post explaining what is Grayscale and what are they doing, I recommend you to read it. But if you don't have time, they HODL this:

Is this important for the Bitcoin price?

From my point of view, they are having a crucial role to mantain the price of BTC at around $9,000.
There are a lot of macroeconomic news related to Coronavirus that are crushing the traditional markets, however Bitcoin price is stable above the $9,000 mark.

If you don't believe that a single entity could have that power, look at this chart shared by Kevin Rooke:

Source

They are currency having almost 400,000 BTC under management for $GBTC, which is their Grayscale Bitcoin Trust. They bought 53,588 BTC since the halving.

I don't know what are their plans, but if they stop buying for a while I am sure that the price will fall quickly. If we currently have this buy pressure and Bitcoin is not able to rise above $10,000, imagine what could happen if they stop buying.

We'll be able to see if the trend continues next week.

Enjoy! 😊

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