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Grayscale’s Asset Under Management Clocks Over $30 Billion, Bitcoin Trust (GBTC) Contribution Drops

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World’s largest digital asset manager Grayscale has updated that the company’s net assets under management for all its crypto trust products have just moved above $30.1 billion. The Grayscale Bitcoin Trust (GBTC) and the Grayscale Ethereum (ETHE) are the two biggest products contributing over 95% of the company’s total crypto holdings.

Over the last year, Grayscale has registered over 900% in net assets under management moving from under $3 billion in February 2020 to now above $30 billion. Thanks to massive institutional interest in Bitcoin and cryptocurrencies driven by uncertain global economic conditions. The Grayscale Bitcoin Trust (GBTC) has certainly been the dominating product to attract fresh institutional money.

In January 2021, Grayscale added more than $40000 Bitcoins to its holdings during the BTC price correction. The Grayscale Bitcoin Trust (GBTC) holds ~650K Bitcoin with $24.3 billion in net assets under management. However, the percentage contribution of GBTC to Grayscale’s total crypto holdings has dropped with the recent surge in altcoins.

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From 85% of Grayscale’s total AUM at the beginning of 2021, GBTC now contributes 81% to the total AUM. Moreover, since March 2017, the GBTC premium has also dropped to its lowest.

Grayscale Altcoin Products Pick Up, Ethereum Trust (ETHE) Scoops More ETH

No doubt GBTC still has an overwhelming weight on Grayscale’s total assets, however, the recent Ethereum surge and altcoin mania has seen investments coming to Grayscale’s altcoin product offerings. The Grayscale Etherem Trust (ETHE) has recently resumed operations again accepting fresh investments from accredited investors.

Since then, Grayscale Ethereum Trust (ETHE) has added ~85,000 ETH Coins over the last few days. After adding nearly 40,000 ETH on Wednesday, Grayscale adds another 12,600 ETH coins in the last 24-hours as the ETH price moves around its all-time highs.

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As per data on Bybt.com, the Grayscale Ethereum Trust (ETHE) now holds 3.02 million ETH worth a massive $4.95 billion. Apart from Grayscale other digital asset managers are projecting good growth this year.

Speaking at MicroStrategy World 2021 Conference, Ross Stevens, founder and chairman of the New York Digital Investment Group (NYDIG), said the company could expand its Bitcoin holdings significantly by the end of 2021. Currently, with 6 billion in AUM, Stevens expects this to surge 4x to $25 billion by end of 2021. In his conversation with Michael Saylor, Stevens said:

“I believe that the most important decision that CEOs will make in the next ten years will be deciding to allocate to bitcoin. My partners bought more bitcoin in 2020 than in 2013-2019 combined. As our fiat businesses continue to inflate and accelerate, I expect we will buy more bitcoin in the next two years. We are capital allocators. If we didn’t believe we would make money off this, we wouldn’t invest a penny.”

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Bitcoin Price Analysis: BTC breaks above $65,000 all-time high, further upside to follow today?

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  • Bitcoin price analysis is bullish.
  • BTC/USD set a new all-time high at $67,000 yesterday.
  • Slight retracement to retest $65,000 as support overnight.

Bitcoin price analysis is bullish today as a higher low has been set after a retest of $65,000 as support. Therefore, we expect BTC/USD to continue higher over the next 24 hours.

Bitcoin Price Analysis: BTC breaks above $65,000 all-time high, further upside to follow today? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market traded with strong bullish momentum over the last 24 hours. Bitcoin gained 3.12 percent, while Ethereum gained 12.35 percent. Meanwhile, Solana (SOL) continues to dominate the market, with a gain of 20 percent.

Bitcoin price movement in the last 24 hours: Bitcoin sets new all-time high at $67,000

BTC/USD traded in a range of $63,807.96 – $66,930.39, indicating substantial volatility over the last 24 hours. Trading volume has increased by 34.33 percent and totals $49.2 billion, while the total market cap trades around $1.24 trillion, resulting in the market dominance of 46.29 percent.

BTC/USD 4-hour chart: BTC to reach $68,000 today?

On the 4-hour chart, we can see Bitcoin price slightly retracing overnight as bulls prepare for another push higher today.

Bitcoin Price Analysis: BTC breaks above $65,000 all-time high, further upside to follow today?
BTC/USD 4-hour chart. Source: TradingView

Bitcoin price action has seen steady growth so far in October. After a several-week consolidation above $41,000 at the end of September, a strong push higher was seen on the 1st of October.

Since then, BTC/USD has seen steady growth with several higher highs and lows set. From the previous major swing low of $41,000 to the current swing high of $67,000, BTC has gained around 63 percent.

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Yesterday, the previous all-time high of $65.000 was broken clearly, further indicating strength for the momentum. Overnight a slight retracement back to the $65,000 mark was seen as bears looked to retest it as support, likely before further upside is seen today.

Bitcoin Price Analysis: Conclusion 

Bitcoin price analysis is bullish as a slightly higher low has been set after a retest of $65,000 previous resistance as support. Therefore, we expect BTC/USD to continue higher over the next 24 hours.

While waiting for Fantom to move further, read our guides on LTC wallets, Gero wallets, and  DeFi wallets.

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PayPal co-founder suggests he’s underinvested in Bitcoin while it records new ATH

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Bitcoin [BTC] did it once again. The asset broke its own record and caught the attention of the entire globe. Amidst this, PayPal’s co-founder, Peter Thiel expressed his angst over being “underinvested” in the world’s largest cryptocurrency.

The crypto industry as a whole garnered immense popularity over the last couple of years. From being closely regarded as an instrument that carries out illicit activities, to being adopted by governments across the globe, Bitcoin has certainly come a long way. Now, with a market cap of $1.2 trillion, Bitcoin stands as one of the most prominent currencies in the world.

Earlier today, BTC pushed past its previous all-time high of $64,899 and managed to hit a new high of $66,930.39. While BTC HODLers rejoiced this surge, an array of people were rather disappointed that they hadn’t poured in their money into the king coin. One of them was PayPal’s co-founder Peter Thiel.

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PayPal’s co-founder talks crypto

During a recent interview, PayPal’s Thiel revealed why he felt underinvested in the asset. He added,

“You’re supposed to just buy Bitcoin. I feel like I’ve been underinvested in it.”

The latest move of Bitcoin was lauded by the entire market. Speaking about the effects of BTC’s ongoing rally, the PayPal co-founder suggested that “we are at a complete bankruptcy moment for the central banks.”

An array of people took to Twitter and made their own predictions about Bitcoin. While some suggested that BTC was slated to endure a major fall, a few others noted that the coin could be aiming for $70K. Tesla’s Elon Musk had a rather bizarre prediction for the coin.

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The Tesla CEO’s latest tweet read,

Bitcoin’s rally certainly paved the way for several altcoins hitting new highs. Ethereum PETH], the second-largest cryptocurrency followed the footsteps of BTC and managed to hit an all-time high of $4,366.

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PayPal has played a major role in the crypto-verse in the last year. From opening doors to crypto and constantly remaining bullish about it, has pushed several assets to a new level.

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This Catalyst Could Trigger Long-Term Bitcoin Rally

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Bitcoin is surrounded by all kinds of optimistic predictions these days especially since the king coin managed to smash through all-time highs the other day.

At the moment of writing this article, BTC is trading in the green, and the king coin is priced at $65,933.90.

This trigger could boost Bitcoin

Popular analyst Benjamin Cowen just said that one overlooked catalyst could ignite a big long-term rally for Bitcoin (BTC).

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During a new strategy session, the analyst analyzes the dollar index (DXY), which compares the US dollar against a basket of other major fiat currencies.

As the online publication the Daily Hodl highlighted, a weaker dollar can often imply higher prices in many assets.

He also said that one thing that could put extra bullish energy behind Bitcoin is the DXY beginning a macro trend downward.

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Cowen explained that the DXY is potentially on the edge of a bearish trend as it gets rejected from its 100-week simple moving average (SMA).

“Ideally speaking, in order to really be the best conditions for Bitcoin, we’d like to see this keep coming on down. This would be the best condition for Bitcoin and here’s the crazy thing when you talk about the US dollar currency index… Look at the actual macro range.”

He said that despite a rising DXY during the majority of Bitcoin’s lifetime, the king has still managed to maintain a long-term bullish structure.

The analyst is also analyzing what could happen if the DXY eventually entered a more considerable downtrend.

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“The dollar has more or less moved up during that time. It’s moved up, but there were a couple of key times when the dollar was moving down and that corresponded to Bitcoin bull markets.”

He continued and said the following:

“Imagine what Bitcoin could do if the dollar ended up coming back down… I think that would be incredibly bullish for Bitcoin.”

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