By Shelly Melancon (Switzerland)
Grayscale investments have revealed that its virtual assets are now worth a whopping $30.1 billion. The rise in value resulted from the gradual increase in bitcoin price, which is now within the $34,500 range.
Positive Market Sentiments Cause a Rise in Grayscale’s Crypto Holdings
Yesterday, Grayscale announced via Twitter that its crypto assets net worth rose over the weekend by $1.2 billion. Hence, its net worth is now $30.1, which higher than its worth of $29.1 as of Friday. So far today, bitcoin trades around the $35,500 range while Ethereum continues to hold on at around the $2,150 range following yesterday’s positivity in the crypto market.
Grayscale crypto worth tweet. Source: Twitter
Traditional Investors Are Purchasing GBTC
Top crypto analytics firm CryptoQuant has revealed that traditional investors are investing in Grayscale’s bitcoin trust (GBTC) at its current low price, and during the weekend, the GBTC slid further down from 11% to 9.5%.
CryptoQuant GBTC update. Source: Twitter
Right now, Grayscale’s holdings of altcoins in its crypto trusts are in millions and hundreds of thousands. It also holds 3.16 million ETH and 652,421 bitcoins. Despite some inflows, some investors are still going bearish on their Grayscale holdings. Bybt analytics reveal that the total GBTC outflows are now at about 108.
Chinese Miners Find a Secret Way to Mine Bitcoin Despite Crackdown
In other news, a South China Morning Post report states that despite the Chinese authorities’ continued crackdown on the crypto mining industry, used hydroelectric power plants that can run at about 55 megawatts of capacity are selling fast in the country now.
Also read:One of the sellers boldly claimed that these second-hand hydroelectric power plants could mine bitcoin steadily. However, the newspaper reports that sellers are not giving any crypto-related hint in the ads they publish to sell their hydropower plants on various eCommerce platforms.
You will recall that Sichuan provincial authorities made it illegal for the province’s electricity companies to supply power to miners in the region despite having the capacity to provide hydropower in abundance. Various metrics report that over 91% of Chinese crypto miners are no longer in operation. Hence, there is now a 75% drop in the bitcoin hashrate.
Morgan Stanley Holds a Significant Amount of GBTC Shares
This month’s Morgan Stanley’s monthly investment filing with the U.S. Securities and exchange commission shows that the bank’s GBTC holdings are about 28,300. At the current rate, their holdings are worth $810,000, which is lower than the $1.24 million disclosed in the filed report because of the recent decline in bitcoin prices. The bank has been investing significant amounts in bitcoin since the start of the year. Morgan Stamley purchased an 11% stake in MicroStrategy in January; MicroStrategy has been increasing its bitcoin holdings massively.
In the second month of this year, the bank’s investment proposed having an investment arm dedicated entirely to crypto, especially bitcoin. The proposal was an indirect consequence of Tesla’s colossal investment in bitcoin at that time. Their most recent foray into the crypto world was a $49 million investment in Securitize, a blockchain startup, some six days ago.
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