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Grayscale Adds $2.5 Billion in XLM, LINK, BAT, MANA and Other Altcoins

Altcoins

u.today 28 April 2021 08:55, UTC
  
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Grayscale Investments, subsidiary of Digital Currency Group led by Barry Silbert, has announced that it purchased $2.5 billion in digital currencies in a single day and as of April 27 it holds $45.5 billion worth of crypto.

These are altcoins, however, analytics data says that the company has been dumping Bitcon and Ethereum and other currencies as well.

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Grayscale sees an inflow of altcoins

Data provided by analytics service Bybt shows that over the past week, Grayscale has bought large amounts of XLM (277,931), MANA (102,183), LINK (34,506), BAT (78,014) and other altcoins.

Purchase of MANA over the past twenty-four hours constitutes another 20,709 coins.

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Grayscale dumps BTC, ETH and ETC

However, Bybt data also shows that in the past month, Grayscale has sold 1,149 Bitcoin, dumped 251 BTC in the past week and 35 BTC over the past twenty-four hours.

It has also got rid of part of its Ethereum holdings, selling 6,951 ETH in the past month, 1,519 in the past week and 217 ETH over the last twenty-four hours.

The same goes for Ethereum Classic and other altcoins, including LTC, BCH and XLM (but only for the 24-hour period).

Grayscale Bitcoin Trust has been trading at a negative premium of -9.34 percent.

Bitcoin shows gradual recovery

After the plunge to the $47,000 level on April 26, the biggest cryptocurrency has been gradually regaining its losses.

However, after rising above the $55,000 line on Tuesday, it has declined again, now trading at $54,243, according to CoinMarketCap.

Yesterday, the world’s wealthiest man Elon Musk during a debate with Dave Portnoy revealed that he owns Bitcoin and has not sold any, despite Tesla selling 10 percent of its Bitcoin reserves in Q1 this year after allocating $1.5 billion into BTC.

Earlier, U.Today reported that the Japanese-South Korean gaming giant bought a $100 million worth of BTC to retain the purchasing power of its cash reserves.


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