Since the second quarter, Goldman Sachs has added $300 million to its portfolio in Bitcoin ETF holdings, increasing exposure by 71%.
They include options on Bitwise Ethereum ETF, Grayscale Ethereum Trust, and Grayscale Ethereum Mini Trust, as well as “any trust that holds Ether,” the filing said.
Bitcoin (BTC) exchange-traded funds (ETFs) have collectively acquired over one million BTC in less than a year since their launch, reflecting strong demand for the digital asset among investors. Bitcoin ETFs Surpass One Million BTC Milestone According to a chart shared by crypto analyst Ali Martinez on X, the cumulative BTC holdings in Bitcoin ETFs have exceeded one million BTC within this short period. To recall, after a lot of deliberation, the US Securities and Exchange Commission (SEC) approved spot Bitcoin ETFs earlier this year in January. To say that Bitcoin ETFs have proven to be a resounding success won’t be an overstatement. Related Reading: Record-Breaking Day: Spot Bitcoin ETF Trading Exceeds $3 Billion As BTC Eyes Record Peak Bitcoin ETFs have recorded a cumulative total net inflow of $24.15 billion to date. Martinez added that the total value of BTC held by these ETFs currently stands at approximately $70 billion. From a price perspective, BTC has jumped from about $41,900 on January 8 to its current price of $68,941, marking an increase of almost 65%. During this period, BTC reached an all-time high (ATH) of $73,737 in March. With over a million BTC now held in Bitcoin ETFs, roughly 5% of the total 21 million BTC supply is tied up in these financial products, reinforcing Bitcoin’s scarcity narrative. Notably, asset manager BlackRock’s IBIT spot BTC ETF leads the market, holding approximately $30 billion net assets. Grayscale’s GBTC follows with $15.22 billion, and Fidelity’s FBTC ranks third with $10.47 billion in net assets. The growing interest in Bitcoin ETFs is also highlighted in a recent CoinShares report, which found that digital asset investment products attracted inflows of over $2.2 billion last week. CoinShares attributed the recent surge in crypto product inflows to the possibility of a Republican victory in the upcoming US presidential election on November 5. Interestingly, higher inflows were seen at the beginning of the week, while outflows emerged toward the end as Democratic candidate Kamala Harris’s odds of winning improved. At the time of writing, decentralized prediction markets platform Polymarket shows Harris a 41.6% chance of winning the presidency, while Republican candidate Donald Trump remains the favorite with a 58.5% chance. Trump Win To Benefit Crypto, Experts Opine While voter opinion on other policies might be split more evenly, the overall consensus as far as crypto is concerned seems to be that a Trump victory may benefit BTC and other digital assets. Related Reading: Trump’s Vision: America To Reign As Crypto And Bitcoin Epicenter, Latest Statement Reveals Earlier this month, JPMorgan stated that retail investors increasingly view BTC as a ‘debasement trade’ to protect their assets’ purchasing power amid inflation and that a Trump win could provide ‘additional upside’ to BTC. That said, Kamala Harris, Biden’s current vice president, is reportedly taking a fresh approach to digital assets, in contrast to the current administration’s perceived cautious stance. Whether this will boost her popularity among crypto-focused voters remains to be seen. At press time, Bitcoin is trading at $68,941, up 0.8% in the past 24 hours. According to CoinGecko data, Bitcoin dominance stands at 56.7%. Featured image from Unsplash, Charts from X and Tradingview.com
The proposed ETF holds a diverse basket of crypto assets, including altcoins. It may face competition.
The "mini" trusts spun off from Grayscale's legacy Bitcoin and Ether funds in July.
Emory University disclosed ownership of more than $15 million worth of shares of the Grayscale Bitcoin Mini Trust.
Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation.
Institutional demand is driving a significant increase in onchain loans across DeFi protocols.
More than half of voters in the United States are more likely to vote for a pro-crypto candidate versus one who is not, Craig Salm said.
Crypto asset manager Grayscale is in the process of converting its Grayscale Digital Large Cap Fund (GDLC) into an exchange-traded fund (ETF), according to Bloomberg ETF expert Eric Balchunas. The strategic move aims to provide investors with a diversified portfolio that includes major digital assets such as Bitcoin (BTC), Ethereum (ETH), Solana (SOL), XRP and Avalanche (AVAX). Diversified Exposure To Bitcoin, Ethereum, And More The proposed ETF comes at a time when investor interest in regulated cryptocurrency products is on the rise. Grayscale’s Digital Large Cap Fund currently holds approximately $524 million in assets under management, with a significant focus on Bitcoin and Ethereum. Specifically, about 75% of the fund is allocated to Bitcoin, while Ethereum comprises roughly 19%, with the remaining investments distributed among Solana, XRP, and Avalanche. Related Reading: Dogecoin Sees Sharp Decline: Over 106,000 Wallets Abandon The Memecoin According to reports on the matter, this diversified approach is designed to offer a balanced entry point for investors seeking broader exposure to the cryptocurrency market. The New York Stock Exchange (NYSE) had previously filed a 19b-4 application on behalf of Grayscale, seeking the Securities and Exchange Commission’s (SEC) approval to amend its rulebook to permit the listing of this new ETF. This filing follows a pivotal year for the market, which recently saw the approval of spot ETFs for Bitcoin and Ethereum in January and July respectively, allowing these funds to hold actual tokens rather than relying on futures contracts. This shift comes after years of rejections of such index funds, spurred by a court ruling in favor of Grayscale that prompted the Securities and Exchange Commission led by Gary Gensler to reconsider its stance. Grayscale Aims For Fifth ETF Launch This Year The successful conversion of Grayscale’s Digital Large Cap Fund into an ETF would mark the fifth launch by the firm this year, highlighting its strategy to expand its product offerings in response to increasing demand for diverse digital asset exposure. Balchunas noted that the ETF’s holdings, predominantly consisting of Bitcoin and Ethereum, could provide enough flexibility to accommodate smaller, less liquid assets, potentially paving the way for approval. Over the course of the year, Grayscale’s Bitcoin and Ethereum funds have seen significant outflows, with around $20 billion and $3 billion withdrawn respectively. In response, the firm has introduced lower-fee versions of these funds, attracting over $700 million in inflows thus far. These approvals have contributed to a surge in Bitcoin and Ethereum prices, indicating a renewed investor confidence in the cryptocurrency market. Related Reading: Crypto Analyst Says Bitcoin Price Can Port To $86,600 If It Breaks This Level Other asset managers are also positioning themselves to launch ETFs that include smaller tokens such as Solana, XRP and Litecoin, with recent filings from Canary Capital and Bitwise Invest highlighting a broader trend to integrate a wider range of cryptocurrencies into regulated investment vehicles, despite increased scrutiny from regulators in the US. At the time of writing, the largest cryptocurrency on the market, BTC, is trading at $67,750, up a substantial 11% on a weekly basis. Featured image from DALL-E, chart from TradingView.com
Grayscale listed 35 cryptocurrencies it’s mulling to potentially include in its suite of crypto investment products.
The bullish jobs report adds fuel to hopes for an “Uptober” and fourth-quarter rally in Bitcoin’s price.
MicroStrategy could soon have bigger bitcoin pockets than Grayscale.
A new industry-funded poll underlines the rising role of crypto in the thinking of likely voters in the 2024 U.S. elections – and the mention of digital assets by the presidential candidates of both major parties suggests the campaigns are aware of that.
A new industry-funded poll underlines the rising role of crypto in the thinking of likely voters in the 2024 U.S. elections – and the mention of digital assets by the presidential candidates of both major parties suggests the campaigns are aware of that.
BlackRock, ARK 21Shares and Fidelity’s Bitcoin products led the way with $499 million, $289.5 million and $206.1 million in inflows, respectively.
US-based spot Bitcoin (BTC) exchange-traded-funds (ETFs) saw a net outflow of $43 million on September 11, 2024, following two days of inflows, data from SoSoValue confirms. Ark Invest and Grayscale Lead Bitcoin ETF Outflows According to data from SoSoValue – a crypto ETF data provider – US spot BTC ETF outflows were led by Ark […]
SUI outperforms the bulk of the crypto market with a strong double-digit gain, but is the rally sustainable?
Grayscale XRP Trust could potentially pave the way for an XRP ETF, subject to approval by the US Securities and Exchange Commission.
Grayscale, a leading cryptocurrency asset manager, unveiled the first XRP trust in the US, propelling the token’s price by 8% to $0.57 at press time. Related Reading: Analyst Says Bitcoin Is In A ‘Healthier’ Place Now, Here’s Why XRP Trust Announced, Is The XRP ETF Incoming? Digital assets manager Grayscale today announced the launch of a closed-end XRP trust in the US, paving the way for institutional investors to gain exposure to the top 10 cryptocurrencies, an official announcement by Ripple confirms. Commenting on the development, Rayhaneh Sharif-Askary, Grayscale’s Head of Product & Research, said: We believe Grayscale XRP Trust gives investors exposure to a protocol with an important real-world use case. By facilitating cross-border payments that take just seconds to complete, XRP has the potential to transform the legacy financial infrastructure. For the uninitiated, a closed-end trust differs from an exchange-traded fund (ETF) because it allows certain investors to gain exposure to the underlying asset with relatively fewer regulatory constraints. On the other hand, an ETF approval requires several checks from regulators – in this case, from the US Securities and Exchange Commission (SEC) before they are made available to investors. That being said, it’s worth highlighting that an approved trust holds the potential to transform into an ETF with the required regulatory approvals. For example, Grayscale’s single-asset investment trusts – Bitcoin (BTC) and Ethereum (ETH) – were given the go-ahead to become ETFs earlier this year. Related Reading: 11% Of Bitcoin Supply In Coinbase’s Hands: Analyzing The Potential Risks As a result, it won’t be surprising to see an XRP ETF in the US sometime soon. The fact that Grayscale has published an intended four-phase product life cycle for its newly unveiled XRP trust further gives weight to the possibility of an XRP ETF shortly. Interestingly, the XRP trust’s launch comes when its parent company, Ripple, is tackling multiple legal battles with the US SEC. XRP’s price following the announcement skyrocketed by 8%, currently at $0.57. Featured image from Zebpay.com, Chart from Tradingview
Ethereum price is down today as macroeconomic and crypto-specific factors put a dent in investors’ optimism.
BlackRock and other funds have collected billions of dollars worth of inflows for their Ethereum products. Massive outflows from the Grayscale Ethereum Trust (ETHE) have overshadowed that, though.
The provider of bitcoin and ether ETFs now offers more than 20 crypto investment products.
According to the latest data, the world’s largest asset manager BlackRock has added another feather to its cap, becoming the company with the largest crypto exchange-traded fund (ETF) holdings. Here’s How BlackRock’s ETFs Compare To Grayscale’s Funds Crypto intelligence platform Arkham revealed in a post on X that BlackRock has usurped Grayscale to become the […]
Grayscale Investments, one of the world’s largest crypto asset managers and exchange-traded fund (ETF) issuers has unveiled its latest offerings. On Wednesday, the company announced the launch of two new crypto mutual funds: the Grayscale Bittensor Trust and the Grayscale Sui Trust. Grayscale Unveils Bittensor And Sui Trusts According to the announcement, the Grayscale Bittensor Trust is exclusively dedicated to TAO, the token supporting the Bittensor Protocol, which incentivizes the advancement of open-source artificial intelligence (AI) technologies. In parallel, the Grayscale Sui Trust focuses solely on SUI, the token underpinning the Sui protocol, a Layer 1 (L1) smart contract blockchain designed to facilitate globally scalable decentralized applications. Related Reading: Tron Lost 10% Since Last Week – Is There A Saving Grace Ahead? Rayhaneh Sharif-Askary, Grayscale’s Head of Product & Research, expressed enthusiasm about the new additions, emphasizing the “pivotal roles” Bittensor and Sui play in the decentralized AI and smart contract blockchain realms, respectively. Sharif-Askary said: With the launch of Grayscale Bittensor Trust and Grayscale Sui Trust, we continue to provide investors with familiar products that enable access to tokens at the cutting edge of the crypto ecosystem’s continued evolution. These newly launched Trusts are now available for daily subscription by eligible individual and institutional accredited investors, operating similarly to Grayscale’s existing suite of single-asset investment trusts. Notably, they represent some of the first investment products exclusively focused on the tokens underpinning the Bittensor Protocol and Sui. In Wednesday’s announcement, Grayscale also confirmed its intention to seek a secondary market listing for the new products. Still, it cautioned that success was not guaranteed, with regulatory considerations posing potential challenges. SUI & TAO Price Analysis Following the asset manager’s announcement, the two tokens present a stark contrast in price action following the broader market crash experienced over the weekend and exacerbated on Monday. For instance, the SUI token hit a 9-month low of $0.4636 on August 5th, following a steady decline from its all-time high of $2.17 in March of this year. However, SUI has climbed back to the $0.6166 level since Monday, with a 3% increase in the last 24 hours, with its next resistance wall at $0.6966. Related Reading: Cardano Price Crash Below $0.3: Is It Time For You To Buy ADA? On the other hand, the TAO token has been unable to post gains in recent weeks, registering a 24% price drop in the fourteen-day time frame. Despite this, TAO has rallied significantly to the $253 level on Wednesday after falling to the $164 level on Monday. In the case of another leg up to regain previously lost levels, the most insignificant hurdle in the near term is placed at the $300 level, which is key for bullish investors in the token to approach the all-time high of $757 reached in March. Featured image from DALL-E, chart from TradingView.com
Grayscale's Mini Bitcoin Trust's rapid inflows highlight growing investor interest in low-cost Bitcoin exposure, impacting competing ETFs.
The post Grayscale Bitcoin Mini Trust records $191 million inflows after soft debut appeared first on Crypto Briefing.
The Grayscale Bitcoin Mini Trust (the “Trust”) officially launched on Wednesday after receiving approval from the US Securities and Exchange Commission (SEC), emerging as a lower-cost alternative to the renowned Grayscale Bitcoin Trust (GBTC). New Bitcoin Mini Trust Debuts According to Bloomberg, the Grayscale Bitcoin Mini Trust, which debuted with a 0.15% expense ratio, is […]
Ethereum whales also known as major investors are gradually returning to the market following recent positive developments around ETH, which demonstrates renewed optimism among institutional and retail investors around the crypto asset. Current data shows that the whales have amassed 426,000 ETH in light of rising excitement over the introduction of spot Ethereum Exchange-Traded Funds […]
The eight recently launched spot ethereum {{ETH}} exchange-traded funds (ETFs) posted nearly $600 million worth of volume in the first half of their first day of availability, according to data from Bloomberg.
The approved spot Ether ETF applicants included BlackRock, Fidelity and Grayscale, and are expected to bring billions of dollars into the ecosystem.