Grayscale adds $1bln in crypto assets this week
Grayscale Investments, a leading crypto investment firm, has added at least $1 billion to its Assets Under Management (AUM) this week. As a part of that, the CEO commented that the firm had attracted as much as $300 million in new capital in a single day. The vast majority of the capital that Grayscale holds in kept in Bitcoin and Ethereum, however, Litecoin assets grew by the biggest percentage, with a rise of 7.5% in a single day. Another notable token allocation was Zcash, which shot up by 6% in a 24 hour period. Grayscale holds at least 2% of all the available Bitcoin and Ethereum in the market.
Why it matters: Mainstream investors are piling into cryptos, and this is probably just the beginning of a major market trend. While crypto market caps have been in the billions up to this point, it won't take much to push both Bitcoin and Ethereum into the trillions. As the mainstream investment community wakes up to the capacity that cryptos have, there will likely be a rush to secure assets in the crypto sector that stretches well beyond the few tokens that are presently at the top. There is also probably going to be a budding market for crypto funds, that help investors to manage tax risks and make token ownership easier.
