![]() The shares of each Product are intended to reflect the price of the digital asset(s) held by such Product (based on digital asset(s) per share), less such Product’s expenses and other liabilities. Grayscale Products are not suitable for any investor that cannot afford loss of the entire investment. Investments in the Products are speculative investments that involve high degrees of risk, including a partial or total loss of invested funds. Read these documents carefully before investing. Reports prepared in accordance with the OTC Markets Alternative Reporting Standards are not prepared in accordance with SEC requirements and may not contain all information that is useful for an informed investment decision. This and other information can be found in each Product’s private placement memorandum, which may be obtained from Grayscale and, for each Product that is an SEC reporting company, the SEC’s website, or for each Product that reports under the OTC Markets Alternative Reporting Standards, the OTC Markets website. Investments managed by GSA are registered under the Investment Company Act of 1940 and subject to the rules and regulations of the Securities Act of 1933 and Investment Advisers Act of 1940.Ĭarefully consider each Product’s investment objectives, risk factors, fees and expenses before investing. ![]() Grayscale is not registered as an investment adviser under the Investment Advisers Act of 1940 and none of the investment products sponsored or managed by Grayscale (“Products”) are registered under the Investment Company Act of 1940. Grayscale Investments, LLC (“Grayscale”) is the parent holding company of Grayscale Advisors, LLC (“GSA”), an SEC-registered investment adviser, as well Grayscale Securities, LLC (“GSS”), an SEC-registered broker/dealer and member of FINRA. Given such a sustained amount of volume in the throes of a bear market, crypto seems to be here to stay. Despite low price volatility, BTC and ETH total futures volume hovered at ~$50bn on average per day in September and October, with estimates that the total daily activity of crypto is estimated to be ~$100bn, or one-fifth the figure of US equities. Compared to the previous bear cycle in 2018, volumes of crypto assets remain much higher than they once were. Is the bull market back? Despite the recent rise, the macro environment still may not point to a Fed pivot just yet. exchanges) that would allow them to sell.īased on recent US data that showed higher house prices and lower consumer confidence, along with some Fed officials beginning to voice concerns about the pace of the hikes, investors seemed to hold onto the hope that there could be a pivot with the S&P 500 index climbing 4.74% and the Nasdaq index rising 5.22% from 10/21/22 to 10/25/22, alongside a rise in crypto asset prices over the same period. Increases in long-term holders have historically marked an accumulation phase since holders are moving off venues (i.e.
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