As the market continues to feel the aftereffects of the most recent correction where Bitcoin (BTC) went through a massive dip in price, and many feared that it would fall to its last support level, things have slightly improved as BTC has been gradually recovering and many of the altcoins are performing better now too as a result.
As such, there was also an increase of $1.1 billion for Grayscale’s holdings in the flagship crypto, with this spike in value occurring this past weekend. Bitcoin, for its part, continues to recover most of its recent losses.
Big gain for Grayscale
Grayscale Investments is one of the world’s top crypto asset managers and is also a subsidiary of Digital Currency Group, which was founded by its current CEO, Barry Silbert. As of yesterday, on the 28th of June, the digital currency holdings witnessed $1.1 billion being successfully added. This growth had transpired during this past weekend around the time when BTC had begun a significant process of recovery before rallying back to around $34,000. As of now, BTC is trading at just below $35,700, which signifies an increase of nearly 5% since yesterday.
Grayscale’s team had thus officially revealed via Twitter this past Monday that the overall value of the cryptocurrency assets that were being held had indeed experienced a massive increase by the aforementioned amount of $1.1 billion, thereby bringing the total value of the assets under management (AUM) to $30.1 billion from the previous $29 billion.
CryptoQuant, a cryptocurrency data vendor of sorts, recently sent out a tweet stating that numerous financial organizations have been preoccupied with buying GBTC (from Grayscale’s Bitcoin Trust) at a discount. This had decreased over the weekend by nearly 2%, and so currently sits at 11% from the previous 9%. This would all seem to suggest that many institutional investors have elected to buy GBTC, albeit at relatively low prices. As of this time, it had been observed that Grayscale does indeed hold an accumulated 651,420 BTC in total, as well as 3.15 million ETH. Hundreds of thousands or potentially even millions worth of altcoins are also widely believed to be in Grayscale’s cryptocurrency trusts. Nevertheless, the outflows still continue to take place as various investors have been observed selling off Grayscale shares. As of today, the GBTC outflows totaled 107, according to the data given by Bybt.