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Grayscale Loses $0.5 Billion In Crypto in 24 Hours, While Bitcoin Keeps Declining

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Sat, 06/26/2021 - 10:26
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Yuri Molchan
Grayscale fund extends its losses to another $0.5 billion in Bitcoin and other cryptocurrencies
Grayscale Loses $0.5 Billion In Crypto in 24 Hours, While Bitcoin Keeps Declining
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Largest cryptocurrency fund Grayscale Investments, a subsidiary of Barry Silbert’s Digital Currency Group, announced that its crypto holdings had shrunk by another half-a-billion US dollars on June 25 compared to $29.5 billion a day earlier.

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Grayscale sees more outflows

The company’s crypto holdings are declining as outflows from its cryptocurrency trusts continue, according to the data provided by Bybt.

In particular, that is true about Bitcoin Trust, Ethereum Trust and ETC Trust, whose shares are trading at a discount.

However, inflows into altcoin trusts of the company continue on the weekly and monthly basis.

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Image via Bybt

Company considers expanding its presence in altcoin market

As reported by U.Today earlier this month, the largest crypto asset management firm Grayscale announced that it was considering setting up more trusts based on new altcoins.

Among the coins considered are 1 INCH, Bancor (BNT), Curve (CRV), Internet Computer (ICP), Kava (KAVA), Kyber Network (KNC), Polygon (MATIC), Ren (REN), Solana (SOL), etc.

Related
Bitcoin Falls from $32,000 to $30,000, Losing Another 7%

Bitcoin price drops to $30,000 but is recovering

Today, the flagship cryptocurrency, BTC, lost another 7 percent, dropping from the $32,000 area to $30,000. On Friday, Bitcoin was trading in the $35,000 zone.

By now, Bitcoin has recovered some of today’s losses and is sitting at $31,158.

Ethereum is trading at $1,769 per coin.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.