• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
  • Play FinanceTry
No Result
View All Result
Breaking News: Bitcoin Price Retests $27K Following Fed Rate Decision
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
  • Play FinanceTry
No Result
View All Result
NewsBTC
No Result
View All Result
Breaking News: Bitcoin Price Retests $27K Following Fed Rate Decision
Avalanche [AVAX] logo

AVAX Value Drops By 2% Following Grayscale Removal of Avalanche From Large Cap Fund

Samuel Edyme by Samuel Edyme
3 months ago
in Altcoin
Reading Time: 3 mins read
Advertisement

In its latest quarterly update, Grayscale announced the rebalancing of funds for the fourth quarter of 2022. As part of the rebalancing, Grayscale sold off a certain amount of its Digital Large Cap Fund and dumped its held tokens, including Avalanche Network token AVAX.  

AVAX has slipped by 2% following the sell-off in the past 24 hours. According to Grayscale, the sold-off AVAX tokens were replaced with the purchase of the existing fund components in proportion to their respective weightings.

Grayscale Purchased And Existing Tokens

The AVAX sell-off was only part of the CoinDesk Large Cap Select Index and Grayscale Digital Large Cap Fund. In its CoinDesk Smart Contract Platform Select Ex ETH Index and Grayscale Smart Contract Platform Ex-Ethereum Fund portfolio rebalancing, the company sold off Algorand native token ALGO.

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

In its CoinDesk DeFi Select Index methodology, Grayscale adjusted its DeFi Fund’s portfolio and purchased Synthetix (SNX) after selling some existing assets. 

Related Reading: Grayscale Says It May Return 20% Of Investor Capital, Bitcoin Refuses To Budge

As of now, the Grayscale portfolio fund now includes 65% Bitcoin (BTC), 30% Ethereum (ETH), 1.86% Cardano (ADA), 1.39% Polygon (MATIC), and 1% Solana (SOL). Meanwhile, its DeFi Fund’s Fund Components include  65.05% Uniswap (UNI), 12.39% Aave (AAVE), 8.15% MakerDAO (MKR), 6.02% Synthetix (SNX), 4.58% Curve DAO Token (CRV), and 3.81% Compound (COMP). 

Since July, Grayscale has been carefully monitoring the CoinDesk Large Cap Select Index. The index launched in April tracks the market capitalization-loaded performance of “the largest and most liquid digital assets.”

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

During Grayscale usage of the Index, the quarterly scheduled rebalancing resulted in the dumping of Bitcoin Cash (BCH), Litecoin (LTC), Chainlink (LINK), Polkadot (DOT), and more Uniswap (UNI) purchases.

AVAX Slips After Grayscale Dumped

Before the sell-off, AVAX was still sitting at a $12 zone; however, after Grayscale dumped its holdings, the AVAX token dropped by 2% and traded at $11.39 Friday morning. 

AVAX has appreciated over the past months. It has surged from around $9 to $13. Notably, Grayscale fund’s portfolio, which currently has $163 million in assets under management (AUM), only held a small portion of AVAX tokens. As of September 30, AVAX made up less than 1% of the company’s fund’s assets, according to its previous quarterly report.

Related Reading: Avalanche: Will 2023 Bring A Fruitful Recovery For The AVAX Ecosystem?

There was no significant move from ALGO, which was also removed from the Grayscale portfolio fund. It fell from a range of $0.17 to $0.15. As of the time of writing, ALGO currently trades at $11.73 with a 24-hour trading volume of $45 million. 

AVAX price chart on TradingView
AVAX price is moving sideways on the 4-hour chart. Source: AVAX/USD on TradingView

On the other hand, AVAX seems to be gaining momentum to the upside at the time of writing as it has already formed a retracement; a reversal is likely to happen. AVAX currently trades at $11.73, down by 0.8% in the last 24 hours, with a trading volume of $125 million over the same period.

Tags: Avalanche (Avax)AVAXAVAXUSDTgrayscale
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Samuel Edyme

Samuel Edyme

Related Posts

Conflux (CFX) token Tallies 167% In Past Week, Here’s Why?

Conflux (CFX) Token Tallies 167% Increase In Past Week – Here’s Why

6 days ago
DeGods Bitcoin Ordinals NFT Stacks (STX)

Stacks (STX) Reclaims $1 As First DeGods Ordinal NFT Mints For 3.2 BTC

1 week ago
STX

Stacks (STX) Down By 14% Ahead Of Upcoming Hard Fork Upgrade

1 week ago
kava

KAVA Token Ignores Market Downtrends With Over 10% Daily Gains

2 weeks ago
Altcoins

Altcoins At Underbought Levels Not Seen Since Early January: Santiment

2 weeks ago
Stacks

Stacks (STX) Holds 9% Gains On Weekly Chart As Top Coins Nosedive

3 weeks ago

Premium Partners

Play Finance

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

IBC Group Incubates Chirpley, Pioneering a New Era of Digital Marketing with Nano-Micro Influencer Marketplace

March 25, 2023

In the journey from Web2 to Web3, Ethereum (ETH) and RenQ Finance (RENQ) play a significant role; here’s why!

March 25, 2023

Whatever Happened To Bitcoin Cash? – Learn Why Avorak AI and Other AI Crypto Are Surging

March 24, 2023

Avalanche Price Prediction: are AVAX and TOADS ready to 10X?

March 24, 2023

Litecoin (LTC) and Dogecoin (DOGE) Drowning in Controversy While TMS Network (TMSN) Steals the Show

March 24, 2023

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Links

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2022 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play Games
  • Play Casino Games
  • Free Spins
  • Play Finance

© 2022 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.