Wall Street “Absolutely” Partaking In Ongoing Bitcoin Volatility And Recent BTC Price Rally
Wall Street “Absolutely” Partaking In Ongoing Bitcoin Volatility
The last two days have been extremely positive for the crypto market as Bitcoin price saw a surge of more than 20 percent as from $4,100, it sailed right through the $5k. The market is euphoric but was Wall Street part of this celebration? Looks like they were!
Trading Volume Suggests A “Yes”
According to Mati Greenspan, senior analyst at eToro, Wall Street also threw in their dollars in the Bitcoin madness as evident from the trading volume.
“12,015 contracts is about $294 million in volume, which is more than 20% of the volumes traded at the top ten crypto exchanges.”
CoinShares Bitcoin ETP Volumes Top All Of Morgan Stanley’s ETP On Nasdaq
In another event, the CEO of CoinShares, Ryan Radloff shared the achievement of their Bitcoin ETP volume topping all of the Morgan Stanley ETPs on Nasdaq in Europe. The team is extremely excited and planning to release more announcement in the near future as it states, “we’re about to blow open European ETP market.”
“Nothing makes me happier than seeing our bitcoin ETP volumes top all of Morgan Stanley’s ETPs on Nasdaq today in Europe. Great job team!”
Grayscale AUM Crosses $1.1 Billion
Grayscale Investments, a “trusted authority on digital currency investing” has surpassed the $1 billion market for crypto assets under investment on April 2nd as it reported,
“Holdings per share and net assets under management for our investment products: Total AUM: $1.1 billion.”
Owned by Digital Currency Group (DCB) which is the brainchild of Barry Silbert, the company manages multiple cryptos viz. Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, Stellar, Horizen, XRP, and Zcoin. However, bitcoin accounts for the highest share in assets under management with just over $999 million.
The shares of Grayscale Bitcoin Trust that trades at about 20 percent premium to the intrinsic value of the BTC it holds, jumped about 15 percent as prices of BTC climbed overnight.
Since the start of 2018, the Bitcoin coffers of Grayscale – roughly 200,000 BTC – has grown to account for more than 1 percent of the digital asset’s total circulating supply which is constantly on the rise.