Grayscale, the world’s largest crypto asset manager, has seen a major drop in the total value of its digital assets under management (AUM) in the last few weeks.
According to the latest numbers published by the asset manager, the company now has $34.4 billion worth of crypto assets under management. The total value of Grayscale’s crypto AUM jumped above $50 billion in May 2021 due to a surge in Bitcoin and Ethereum.
Bitcoin is Grayscale’s largest asset holding. The US-based firm now has nearly 650,000 Bitcoin under management with a combined value of approximately $25 billion. Ethereum is the second-largest crypto holding of Grayscale. The asset management company has over 3 million ETH under management with a total value of more than $7 billion.
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Grayscale has seen a gradual decline in the overall value of its Bitcoin and Ethereum holdings during the last 5 weeks. The total market cap of crypto assets touched an all-time high of approximately $2.6 trillion on 12 May 2021. The market has lost nearly $1 trillion in the last 5 weeks as the current market cap of digital currencies stands at around $1.6 trillion.
During the last 24 hours, the crypto market has lost around 4% of its value. Ethereum remained the worst performer among the top 5 digital assets since yesterday as the price of ETH is down by more than 5%. Bitcoin is currently hovering around $38,000 with a market cap of more than $700 billion.
“Bitcoin has held steady this week. While things may seem quiet to the untrained, activity is still strong behind the scenes. Options markets are buzzing as institutions test strategies. Bitcoin has become a staple in some of the most diverse portfolios around the world. Long-term retail investors are riding the wave. Bitcoin’s builders continue to build. The first bitcoin upgrade in four years has been approved and will go into effect in November. Developers are working away in anticipation of the upgrade. The community continues to improve financial networks worldwide,” Paolo Ardoino, CTO at Bitfinex, commented.