Grayscale adds 174,000 LTC to its Litecoin holdings

Curiously, though, the price of Litecoin has barely budged. According to reports, Grayscale has added some 174,000 tokens to its Litecoin holdings in the past month.

This latest haul represents about 80% of all litecoins that were mind in the past month. It pushes the total holdings of the altcoin to 1.44 million with the company, and it is now in possession of no less than $248 million of this particular digital asset.

Grayscale Logo

In the same time period, Grayscale added over 243,000 Ethereum tokens. This essentially means that as of March 1, 2020, the firm held a total of 3.17 million ETH tokens, valued at around $4.86 billion.

And as for Bitcoin, in contrast, only 7,169 BTC were accumulated during this time frame to the biggest holdings for the firm. It brought the total investment of the world’s most popular digital asset to over 655,640 bitcoins.

You can do the math yourself.

Litecoin Price

What’s more interesting is that despite this large acquisition by Grayscale Investments, the price movement of Litecoin appeared to be unrelated to the changing supply demands.

Data shows that the altcoin only went above $200 mark between February 12 and 22. Since then, the price has returned to the levels below this figure, with February 25 being the only exception. At the time of this writing, LTC is trading at around $186.

Naturally, some users are questioning this massive buy, and the failure of the altcoin to pump following this spending spree.

The Litecoin team has responded with an explanation, claiming that large orders like these are usually purchased through an OTC desk so as to not impact the market immediately. According to the official account, the supply shock may be delayed.

That is, if it happens at all.


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