Grayscale Deposits Half a Billion in Bitcoin and Other Crypto in a Single Day
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Grayscale Deposits Half a Billion in Bitcoin and Other Crypto in a Single Day

June 4, 2021      Kavya Barua

A major cryptocurrency hedge fund, Grayscale deposits half a Billion in Bitcoin and other cryptocurrency holdings in a single day. 

Grayscale Deposit Half A Billion In Bitcoin & Other Cryptocurrencies

Grayscale Investments, a significant buyer of Bitcoin and altcoins, said on June 2 that it has $34.7 billion in crypto under management as of that date. 

This was $0.5 billion more than the $34.2 billion AUM announced by the corporation the day before.

Grayscale Invests An Additional $0.5 Billion In Cryptocurrency

The Grayscale fund’s team announced on Twitter on June 2 the size of crypto assets under control had increased by $0.5 billion to $34.7 billion from $34.2 billion.

According to Grayscale’s website, the business now owns $24,301,467,083 in Bitcoin and has 692,370,100 outstanding shares, each worth 0.00094219 BTC.

Grayscale Bitcoin Trust, however, does not currently allow private placements, according to its website.

Massive Outflows Are Seen In Grayscale Crypto Trusts

According to the analytics platform Bybt, investment outflows have been occurring for quite some time, not only from the Bitcoin Trust but also from trusts based on other cryptos.

Only Litecoin Trust, as well as trusts based on MANA, LPT, LINK, BAT, and FIL, have witnessed inflows over the last 30 days. 

Grayscale’s other crypto trusts have experienced inflows of 753 in the last seven days, but not the LINK Trust.

In 2021, Will There Be A Grayscale ETF?

As investors seek more stable alternatives to Bitcoin’s continuing price fall, the GBTC premium may experience more declines.

Other digital currency investment alternatives, such as custodian services that allow institutional investors to acquire genuine crypto assets for a lower fee, are putting pressure on GBTC. 

Gary Gensler, the chairman of the US Securities and Exchange Commission, expressed concern about investor protection in cryptocurrency marketplaces.

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#Cryptocurrency #Grayscale AUM #Grayscale Bitcoin Trust (GBTC) #Grayscale ETF
Kavya Barua
Kavya Barua

Kavya Barua is in her final year of graduation from University of Delhi's, B.A (Hons) English program at Janki Devi Memorial College. She is an avid learner with a taste for advancements in crypto and Fintech. She is gaining interest in digital marketing and being a part of the organization where continuous growth and learning is assured and fulfilling the expectations of her knowledge and skills. She aspires to have a good career path with interest and ability to learn and deliver the results.