Cryptocurrency
World’s biggest digital asset manager, Grayscale manages cryptos worth $40 billion
Grayscale has had its crypto holdings gain twelve times since the start of 2020.
The world’s biggest crypto hedge fund, Grayscale, now has a massive sum of $40 billion under its management as of 18th February 2021.
Grayscale, whose publicly-traded crypto assets offer rich investors the chance to trade crypto on the equity market, has had its crypto holdings gain twelve times since the start of 2020.
02/17/21 UPDATE: Net Assets Under Management, Holdings per Share, and Market Price per Share for our Investment Products.
Total AUM: $40.0 billion$BTC $BCH $ETH $ETC $ZEN $LTC $XLM $ZEC pic.twitter.com/YgItGWLZVK
— Grayscale (@Grayscale) February 17, 2021
Most of the massive holdings of the crypto hedge fund juggernaut include $33.1 billion held in Grayscale Bitcoin Trust. That being said, Bitcoin’s soaring prices also helped the hedge fund’s holding valuation go up amid Bitcoin breaching the $52,000 price level for the first time ever.
READ: Investment bank with over $35 billion assets plans investing in bitcoin
What you should know: Grayscale funds are designed primarily for elite investors in buying and holding cryptos through the security of a regulated fund like it.
Grayscale Bitcoin Trust is a traditional investment vehicle with shares titled in the investors’ names, providing a familiar structure for financial and tax advisors, and easy transferability to beneficiaries under estate laws.
Just recently speaking on CNBC’s SquawkBox, Sonnenshein, the leader of the world’s most valuable crypto hedge fund, stressed that Tesla was not the first big company to add the world’s most popular crypto to its balance sheet. He is, however, of the opinion that its example will be followed by other large enterprises.
READ: Grayscale: World’s biggest Crypto hedge fund holds $8.35 billion worth of Bitcoin
“You’re going to see a lot of other visionary leaders and disruptive companies actually realizing it has really moved from why to why not,” he said.
"You have @ElonMusk @michael_saylor @jack. You're going to see a lot of other visionary leaders and disruptive companies actually realizing it has really moved from why to why not," says @sonnenshein on corporations investing in #bitcoin pic.twitter.com/6FnwEjGFNL
— Squawk Box (@SquawkCNBC) February 10, 2021
Investors are increasing their cash flow investments to notable crypto hedge funds that are prepared to pay a premium to buy and hold cryptos through the security of a regulated fund like Grayscale.
What you need to know about hedge funds
- They are firms that offer alternative investments to a specific type of investors (high net worth individuals), in a bid to protect their investment portfolios from market uncertainty, while generating positive returns regardless of market sentiments.
Cryptocurrency
Football-based Crypto, is world best performing Crypto in 7 days
Chiliz traded at $0.105397 with a daily trading volume of about $589 million.
A pretty unknown crypto asset, based on arguably the most popular sport has outperformed all major Crypto assets tracked by Nairametrics Week to Week.
At press time, the sport-based Crypto traded at $0.105397 with a daily trading volume of about $589 million. Chiliz is up 97% for the week.
Chiliz is currently ranked the 91st most valuable crypto asset, a market value of $573,581,586 It has a circulating supply of 5,442,094,892 CHZ coins and a maximum supply of 8,888,888,888 CHZ coins
The fast-rising crypto can be traded on the following crypto exchange trading that includes OKEx, HBTC, Binance, Huobi Global, and Xtheta Global.
READ: Red Sunday: Crypto market drops $70 billion in value as Bitcoin, Ethereum, Litcoin tumble
Chiliz, powering Socios.com, aims to give sports and esports fans the ability to crowd-manage their favorite teams, games, leagues, and events.
Football clubs are now using blockchain, to facilitate better experiences for their fans.
Football is by far the most popular game worldwide. The last football World Cup tournament held in Russia 2018, had over 3.5 billion individuals watching the matches. This shows that about half of the world’s population is keen on football.
READ: Big whale makes biggest Bitcoin transfer worth $5.6 billion for just $18
Nairametrics believes such partnerships with these football clubs via blockchain will open more economic opportunities and leverage the wider audience via collaboration with the industry’s global brands.
Socios.com Fan Token partners include Juventus, AS Roma, Galatasaray, FC Barcelona, Atlético de Madrid, Paris Saint-Germain, CA Independiente, Apollon Limassol and esports organizations Team Heretics and OG.
Dozens of more clubs are set to launch Fan Tokens before the end of the year, with many leading IPs from sports and entertainment also primed to join the Socios.com roster in the near future.
Cryptocurrency
Unknown entity moves $642 million worth of Bitcoin
The flagship crypto asset was trading at $49,126.38 on the FTX exchange, with a daily trading volume of $47.2 billion.
Wealthy investors have been moving large stacks of Bitcoin at record levels, as the flagship crypto looks set to break above $50,000 price levels once again.
This is triggered by the relatively strong bullish momentum in the BTC market.
A large entity transferred 13,070 BTC ($642M) in block 673,321 wallet.
Whale alert! 🐋 Someone moved 4,349 BTC ($214M) in block 673,315 https://t.co/h8s6iy3oNK
— Bitcoin Block Bot (@BtcBlockBot) March 5, 2021
Top crypto strategist, Van de Poppe, recently spoke on key price levels that could weigh on the direction of the flagship crypto asset in the near term.
“I’m assuming that once we hold this $49,000 zone that we’ve just discussed I think we have to break through $52,000 to have continuation towards $56,000. But as this entire region ($44,900-$52,000) has become a range-bound construction I’m not assuming that we will.”
This is coming on the back of institutional investors increasing their buying pressure amid recent price corrections prevailing at the world’s most volatile financial market.
Long-term supply decreases as HODLers take profits during bull markets – and increases in re-accumulation phases at cheaper prices.
Such data suggest that the Bitcoin market is transferring Bitcoin wealth from the impatient to the patient.
Data from Glassnode recently revealed that there was a 2% plunge in the number of flagship cryptos held on crypto exchanges between February 23 and March 2. This is equivalent to about 52,900 Bitcoins.
At press time, the flagship crypto asset was trading at $49,126.38 on the FTX exchange, with a daily trading volume of $47.2 billion. Bitcoin is up 0.89% for the day.
Though it’s often hard to anticipate market movements, such entities have historically shown that they often determine Bitcoin’s trend.
