Apart from MicroStrategy, the largest Bitcoin holdings are owned under the wing of Grayscale Bitcoin Trust. The largest crypto hedge fund made headlines once again as it added $2 billion worth of Bitcoin during the last weekend. It seems that the Bitcoin Trust of Grayscale was busy buying from the dip. The new acquisition has added more volume to the already gargantuan Bitcoin reserves.
The news was announced to the public from the official Twitter account of Grayscale. At present, the total amount of Bitcoin holdings operated by the Grayscale makes up for $35.5 billion in fiat. The hedge fund managers issued a statistics list on Monday that reads that the Bitcoin trust AUM has a net evaluation of over $35 billion.
A hefty amount of 23,298 Bitcoins are to be added to the Grayscale Bitcoin Shares (GBTC) by the end of the ongoing week.
Grayscale Expands the Exposure of the Crypto Trust into more Altcoins
As Grayscale has announced that it has added more Bitcoin to the trust, it is not missing out on the altcoin market. For the time being, the altcoin market is dependent on the prosperity of Bitcoin. However, many analysts claim that it would not be the case in the future. When Barry Silbert first introduced the crypto asset management firm, it started with only five altcoins on its list.
It should be noted that Barry Silbert is the founder of Digital Currency Group (DCG), and Grayscale is a subsidiary of the crypto stake mining and staking firm. As per the new data shared by the Grayscale firm on Monday, more altcoins like Bitcoin Cash, Ethereum, LINK, Zcash, Litecoin, Livepeer have been able to get exposure from the $2 billion BTC addition. The one altcoin left out of the list is the BAT coin.
More Investors are Drawing out of the Grayscale Crypto Trust Shares
The data analytics shared by the crypto aggregator ByBit indicate that the numbers of withdrawals are increasing from Grayscale Crypto Trust. The largest crypto hedge fund in the world is advising the investors to keep their Bitcoin shares (GBTC) locked in the trust for a hibernation period of six months. Once this time has been completed, they would be able to trade their shares in the free market at their discretion.
However, only altcoins like Livepeer and Litecoin are showing a monthly and weekly rise in terms of inflows. Traders seem to be pulling out their shares from crypto trusts like filecoin, Chainlink, MANA, and LPT. On the other hand, the GBTC continues to be traded at an 11.27% discounted rate. There are no inflows noted on the Bitcoin Trust as the hedge fund is not accepting any at present.