Grayscale's cryptocurrency holdings under management approach $ 6 billion after its latest cryptocurrency purchase
Grayscale has expanded its Bitcoin Trust, as were added 17,100 BTC to Grayscale funds at current prices, as the investment is worth approximately $ 186 million.
Grayscale AUM Approaches $ 6 Billion
Total Assets Under Management (AUM) for all of Grayscale Investments' crypto funds totaled $ 5.8 billion according to its latest market report for the week ending September 25.
09/25/20 UPDATE: Net Assets Under Management, Holdings per Share, and Market Price per Share for our Investment Products.
– Grayscale (@Grayscale) September 25, 2020
Bitcoin Trust, or GBTC, is by far the largest fund, containing 82.75% of the total investment, or $ 4.8 billion. Next is Ethereum Trust, which has nearly $ 784 million invested, or 13.5% of the total.
The rest are divided into smaller funds for Bitcoin Cash, Ethereum Classic, Litecoin, XRP, Zcash, and a couple more.
Grayscale buys shares for its investors so that they do not have any direct exposure to the underlying asset. Its BTC shares are currently trading at $ 11.23, and Bitcoin holdings per share are up nearly 46% so far this year.
The move signifies continued institutional interest in Bitcoin and crypto assets despite having corrected nearly 20% from its peak this year. Grayscale too declared that there would be a huge transfer of wealth over the next quarter century, and the younger generation is interested in Bitcoin and cryptocurrencies.
“$ 68 billion will be transferred from the older generation to the younger generation over the next 25 years. It's time to pay attention to the behaviors of the next generation of investors. "
Bitcoin closes bullish on the weekly candle
The weekend has seen Bitcoin slowly rise again in an attempt to regain the psychological price level of $ 11K.
Analyst Josh Rager has watched the weekly candle close and added that Bitcoin has been trending up for the third week in a row and is still bullish.
Weekly close looks good and don’t know why people continue to be overly bearish
Bitcoin got a short term pullback and -20% is nothing unusual
Bitcoin continues to uptrend and for the third week in a row has closed above the support zone of $ 9900 to $ 10,175
$ 11ks next pic.twitter.com/5YFwtEX4Nd
– Josh Rager 📈 (@Josh_Rager) September 28, 2020
A retest of the monthly high is also a sign that there are more buyers than sellers at the moment, although the next level is critical, and BTC must hold the $ 11k zone to record more gains.
The $ 150 million KuCoin hack did not trigger any sell-offs over the weekend, which is testament to how resilient the cryptocurrency markets have become in the face of such incidents.