The largest crypto hedge fund, Grayscale, has posted another update, announcing that it now holds $24.5 billion worth of Bitcoin, Ethereum, XRP, Bitcoin Cash and other digital currencies.
That is four billion USD less than was announced on Jan. 8.
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Grayscale's crypto holdings diminish
On Jan. 11, Grayscale published an update that it now has $24.5 billion worth of crypto assets in its storage. On Jan. 8, an update stated that the company's crypto holdings totaled $28.4 billion worth of crypto.
For comparison, Grayscale now owns a total of $20,662.70 million in Bitcoin versus $24,155 million. Ethereum holdings have dropped from $3,510.0 million to $3,119.8 million. As for XRP holdings, their volume has dropped from $12.4 million worth of XRP to $10.9 million.
Grayscale offers its customer exposure to cryptocurrencies via crypto-based products: Grayscale Bitcoin Trust (GBTC), Grayscale Ethereum Trust (ETHE), XRP Trust (XRP), etc.
The worth of the company's crypto assets in management dropped as Bitcoin and other cryptocurrencies passed through a major correction on Jan. 10-11.
Bitcoin ETF approval may harm Grayscale inflows
JP Morgan analysts have recently assumed that, should a long-awaited Bitcoin ETF be approved by the SEC regulator in the U.S., this may cause outflows from the Grayscale Bitcoin Trust fund and its GBTC shares.
Bitcoin goes through a 20 percent correction
On Sunday, Jan. 10, Bitcoin posted a correction, dropping from the $41,000 level first to the $37,900 zone and then printing a bigger drop to $31,153 (on Jan. 11) after a slight recovery, losing more than 20 percent overall.
At press time, the world's biggest cryptocurrency is changing hands at $35,724.
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Other major cryptocurrencies, such as Ethereum, also showed a sharp decline. The second biggest crypto, ETH, went down from $1,339 to the $925 level but it has been restored to $1,119 by now.