Yesterday, Grayscale published an update regarding the company’s digital assets under management. Due to the latest plunge in cryptocurrency assets, the overall value of its digital assets under management (AUM) has dipped substantially in the last few weeks.
The crypto asset manager now holds approximately $32 billion worth of assets under management. In April 2021, the overall value of Grayscale’s crypto AUM topped $50 billion. Bitcoin and Ethereum have remained the top 2 digital holdings of Grayscale.
According to the latest numbers published by the company, it now has over $23 billion worth of BTC assets under management. Additionally, Grayscale is holding more than $7 billion worth of ETH assets under management.
With BTC and ETH trading nearly 50% off from their respective all-time highs, the latest dip in the value of Grayscale’s digital AUM was expected. Compared to the start of 2021, the company’s crypto assets under management are still up in value. Grayscale started 2021 with approximately $20 billion worth of digital AUM.
Crypto Market
With a market cap drop of more than $1.3 trillion in the last 10 weeks, the crypto market is going through one of its worst corrections. However, the digital assets have shown some signals of stability in the past week. In the last 7 days, BTC has gained almost 7% while BNB and DOGE has spiked by more than 10%.
“Ethereum has regained the $2,550 level to end the week. With Bitcoin ending the week with a nice push of its own, and ETH's active address remaining stable, the number 2 crypto asset by market cap should maintain stable prices if utility continues rising,” Santiment noted.
“Chainlink’s price was cut in half between January 10th and 24th. The crowd predictably became quite negative toward the popular ETH-based asset. Today, with the FUD appearing to be at its peak, LINK has rebounded a modest +7% in the past 4 hours,” the company added.
