Grayscale’s Bitcoin Trust Witnesses A Drop in Price but Still Maintains at AUM 2.4 Billion
Despite experiencing a tough day of low prices, Grayscale’s Bitcoin Trust maintains at $2.23 billion AUM. According to a recent report released by the cryptocurrency investment company dated November 15, its Bitcoin product only suffered a 1.3% change despite the price dropping by over $500.
The price of the Bitcoin Trust has been trading between the range of $8,500 and $9,000 early this week. Despite the minimal volatility in the product, the market was set to witness huge movements. When the Bitcoin trading volumes dropped, investors migrated to other markets. For the first time since October 25, the price of Bitcoin went below $8,500 after falling by 2.1%.
This drop in the price of the top digital asset happened when it traded below its short-term mark of $8,600. Bitcoin has been trading above this mark since October 25 after president Xi Jinping positively commented about the blockchain tech leading to a 40% gain in less than a day.
Grayscale’s Digital Fund, which consists of a variety of digital currencies, among them being Ethereum, Litecoin, Bitcoin, XRP, and Bitcoin Cash, witnessed a 1,15% drop putting the fund’s AUM at $24.2 million.
Bitcoin was not adversely affected like the other digital currencies in terms of its daily change. The GBT only suffered a 1.13% drop when other currencies were dropping by higher percentages. Ethereum, which is the world’s second-largest digital assets by market capitalization with $88.3 million AUM, dropped by 1.7%. Litecoin fell by 2.28% while Ethereum Classic Trust and Bitcoin Cash Trust fell by 2.51% and 2.63%, respectively. XRP dropped by 2.07%.
When other trust funds were dropping, Grayscale Horizen Trust gained immensely by 14.93%, with its AUM holding at $2.2 million.