World’s biggest Crypto hedge fund, assets jump to $20 billion
Grayscale has had its crypto holdings gain ten times since the start of 2020.
The world’s biggest crypto hedge fund manager Grayscale closed 2020 with a whopping sum of $20 billion under its management.
Grayscale, whose publicly-traded crypto assets offer rich investors the chance in trading crypto on the equity market, had its crypto holdings gain ten times since the start of 2020.
Most of the massive holding of the crypto hedge fund juggernaut includes $17.4 billion held in Grayscale Bitcoin Trust. That said, also soaring Bitcoin’s in prices helped the hedge fund hit $20 billion by the end of 2020.
Bitcoin lately struck a new all-time high on New Year’s day of just over $29,500.
One of the key advantage crypto investors have accessing trusts like Grayscale’s are they can trade their crypto trusts on the stock market, which is useful for people wanting to trade from tax-sheltered accounts.
Grayscale Bitcoin Trust is a traditional investment vehicle with shares titled in the investors’ name, providing a familiar structure for financial and tax advisors and easy transferability to beneficiaries under estate laws.
The Trust has seen its assets under management (“AUM”) surge from $1.9 billion to $20 billion YTD.
Grayscale Bitcoin Trust does not operate a redemption program and its shares do not trade on a national securities exchange.
$350 million worth of Bitcoin moved by a large entity as it nears $30,000
A large entity transferred 12,000 BTC worth $350,442,906 from an unknown wallet to another unknown wallet.
Large entities in the Bitcoin market have begun moving a significant amount of the world’s most popular crypto at the start of 2021.
Data retrieved from Whale Alert, an advanced crypto tracker, revealed a large entity transferred 12,000 BTC worth $350,442,906, from Unknown wallet to Unknown wallet.
At the Bitcoin market, investors or traders who own large amounts of bitcoins are typically known as Bitcoin whale.
This means that a BTC whale would be an individual or business entity (with a single Bitcoin address), that owns around 1000 coins or more.
As BTC whales accumulate BTCs, Bitcoin’s circulating supply reduces, and this can weaken any bearish trend bitcoin finds itself in.
Meaning that over time, it’s possible that as BTC approaches its fixed supply of 21 million – the price of BTC will go up, with BTC’s present demand factored in.
Crypto fans are cheering Bitcoin as an inflation hedge in an era of unprecedented amounts of quantitative easing triggered by many central banks globally.
Also, leading household names in finance that include Paul Tudor Jones and Stanley Druckenmiller endorsed it as an alternative asset, adding to the rally. Not forgetting listed U.S brands like MicroStrategy Inc. and Square Inc. that moved their cash reserves into crypto in search of better returns than what near-zero interest rates deliver.
Also, a leading crypto expert, Willy Woo, via his Twitter handle, hinted that Bitcoin’s price could still rally higher on the bias that the
