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August 15, 2022
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Altcoin

Grayscale adds 174,000 LTC to its Litecoin holdings

The price did not seem to respond

According to reports, Grayscale added 174,000 LTC tokens to its Litecoin holdings last month. This acquisition raised its altcoin total to 1.44 million. Following this acquisition, which represents 80% of all Litecoin mined last month, the total value of Grayscale’s holdings in altcoin is now just over $ 248 million.

However, after the large acquisition by Grayscale Investments, the LTC price movement does not seem to be related to the change in supply dynamics. For example, data from Messari shows that altcoin only surpassed the $ 200 mark between February 12th and 22nd. However, since then, the price has returned to levels below $ 200, with February 25 being the only exception. At the time of writing, the token was trading for just over $ 190.

Grayscale Adds 174k LTC to Its Litecoin Holdings— Price of the Altcoin Unresponsive

Meanwhile, on Twitter, some users are questioning altcoin’s failure to rise after the massive purchase of Grayscale. For example, a Twitter user, Carolyn Bamberger, asks why the price has not increased. In response, the Litecoin team said:

“Large orders like these are usually purchased over the counter OTC so as not to immediately impact the market. Some speculate that, because of this, the supply shock may be delayed. ”

Still, other users are not convinced by this explanation, while some supporters believe that a price increase will happen soon.

Grayscale Adds 174k LTC to Its Litecoin Holdings— Price of the Altcoin Unresponsive

In the meantime, according to data shared by the Litecoin team, in the same period, Grayscale totaled more than 243,000 ETH. This addition meant that as of March 1, 2020, Grayscale held a total of 3.17 million ETH tokens valued at approximately $ 4.86 billion.

In contrast, only 7,169 BTCs were added to Grayscale’s largest holdings, thus bringing the total investment firm’s holdings in the crypto asset to more than 655,640 bitcoins.

Source: Bitcoin.com

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