99% of Cryptocurrencies are ‘Overpriced’ per DCG’s Barry Silbert, But ETC Isn’t One of Them

Digital Currency Group, the parent company of the world’s largest digital asset manager, Grayscale Investments, announced this week that it would be purchasing $50 million worth of shares of Grayscale Ethereum Classic Trust (ETCG).

The company will be using cash on hand to fund the purchase that will be made on the open market.

This announcement came after DCG CEO Barry Silbert said early last week that “99% (of cryptos) are overpriced.”

This comment was made after he explained his reasoning for why he went long on VIX in preparation for the macro fireworks. He said at the time,

“No clue what will be the spark, hence the volatility hedge. but food prices, oil prices, investor complacency, speculative excess, lack of trust in the fed, interest rate normalization, meme stocks, overpriced cryptos, etc., are all on my mind.”

Now, he has announced that his company is buying the shares of an altcoin, Ethereum Classic (ETC), which is the hard fork of the second-largest cryptocurrency Ethereum and has been 51% attacked several times.

With a market cap of $5.1 billion, ETC is currently the 20th largest crypto trading at $37.51, down 77.5% from its all-time high above $167 in early May.

ETCG, meanwhile, is trading at a 33% discount, the same as GBTC and ETHE. Grayscale currently has a total of 12.35M ETC with it. BTC 4.07% Bitcoin / USD BTCUSD $ 33,815.27
Volume 23.4 b Change $1,376.28 Open $33,815.27 Circulating 18.77 m Market Cap 634.55 b
13 min $30 Billion State-Managed Pension Fund Invests in Publicly Traded Bitcoin Miners 1 h A Great Tailwind for Bitcoin, Ether, and Crypto: A Gargantuan Amount of Money Is Wanting In 23 h Bitcoin Depot Deploys Over 700 Crypto ATMs Across Circle K Stores
ETH 4.02% Ethereum / USD ETHUSD $ 2,153.21
Volume 15.58 b Change $86.56 Open $2,153.21 Circulating 116.82 m Market Cap 251.54 b
1 h A Great Tailwind for Bitcoin, Ether, and Crypto: A Gargantuan Amount of Money Is Wanting In 23 h Ethereum Draws Closer to PoS Migration With EIP-3675 Launching on GitHub 1 d Reddit Is Building on Ethereum Scaling Solution Arbitrum

Just last week, Grayscale added 13 tokens, including Bancor, Curve, Polygon, and 0x, to the list of coins under consideration for investment products, most of them belonging to the decentralized finance (DeFi) sector. BNT 3.41% Bancor / USD BNTUSD $ 3.02
Volume 38.39 m Change $0.10 Open $3.02 Circulating 236.79 m Market Cap 715.2 m
1 mon 99% of Cryptocurrencies are 'Overpriced' per DCG’s Barry Silbert, But ETC Isn’t One of Them 1 mon Financial Institutions 'Should be Concerned' of Competition from Crypto/DeFi Businesses: Mark Cuban 2 mon Cryptocurrency Exchange ShapeShift Reveals Gas Fee Mitigation Functionality With FOX Token Rewards
CRV -0.32% Curve DAO Token / USD CRVUSD $ 1.55
Volume 114.49 m Change $0.00 Open $1.55 Circulating 376.04 m Market Cap 582.32 m
2 w Digital Asset Bank Sygnum Now Offers Ethereum 2.0 Staking To Clients 2 w Smart Money Is Becoming Bullish on Ether, Bitcoin, and Cryptocurrencies Again 4 w Yield Compression Continues as More Money Seeks Yield while Avoiding Capitulation
MATIC 0.65% Polygon / USD MATICUSD $ 0.92
Volume 723.74 m Change $0.01 Open $0.92 Circulating 6.39 b Market Cap 5.9 b
5 d BUNNY Down Over 97% from its April Peak, Project Enhances Security Protocol After the 2nd Exploit 5 d DeFi Activity Picking Up, Unique Addresses Surpasses 3 Million with Uniswap in the Lead 1 w Ethereum Scaling Solutions Continue to Record User Growth in Ongoing Boring Market Condition
ZRX 5.85% 0x / USD ZRXUSD $ 0.67
Volume 42.57 m Change $0.04 Open $0.67 Circulating 845.32 m Market Cap 563.74 m
3 d Neon Labs Integrates Cross-Chain EVM Solution Into Solana, Bringing Ethereum Dapps to the Blockchain 1 mon 99% of Cryptocurrencies are 'Overpriced' per DCG’s Barry Silbert, But ETC Isn’t One of Them 1 mon Polygon And 0x Team Up to Devote $10.5 Million Into Attracting New Users & Developers

With this update, Grayscale is now considering a total of 31 coins. But not all will be turned into investment products which requires a significant due process and would be subject to custody arrangements and regulatory considerations.

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