Grayscale Adds $1 Billion In Crypto in 24 Hours, While LTC and BCH Premiums Skyrocket
Largest Bitcoin absorber, Grayscale, has added another billion worth of digital assets in merely twenty-four hours, while premiums for LTC and BCH shares spike
Grayscale Investments fund has acquired another mind-blowing amount of cryptocurrencies in just twenty-four hours – $0.9 billion in digital assets.
As of April 21, the company holds $45.8 billion worth of Bitcoin and other cryptos.
Grayscale adds big amounts of altcoins
Data from the analytics service Bybt indicates that Grayscale has bought more altcoins to add to its holdings, which are massive already.
As of 22 April, the company has purchased 519 ZEN, 967 LPT and 29,990 LINK.
Also, over the past seven days, Grayscale has acquired 71,035 XLM, 2,965 ZEN and also the altcoins on which the five recently launched trusts are based:
BAT: + 259,424
LTC and BCH premiums show eye-twitching surge
While premiums for the Bitcoin Trust, Ethereum Trust and ETC Trust remain negative (-13.88% for GBTC, -0.29% for ETHE and -13.5% for ETCG), the premiums LTC and BTC products are trading at have demonstrated a massive spike.
The Litecoin Trust shares (LTCN) is trading at a whopping 859.42 percent premium ($235.25 per share vs. $24.52 NAV) and Bitcoin Cash Trust shares (BCHG) is changing hands at +238.69 percent premium ($29.94 per share vs. $8.84 NAV).
Extremely high Grayscale premiums indicate overbought products, showing investors begin to lock in their profits.