The bank of New York Mellon (BNY Mellon), America’s oldest bank, has signed an agreement with cryptocurrency asset manager Grayscale Investments to provide a set of services to its flagship Bitcoin (BTC) investment product. Grayscale officially announced Tuesday that it selected BNY Mellon as an asset servicing provider for Grayscale Bitcoin Trust (GBTC), a major digital currency investment product providing indirect exposure to Bitcoin. BNY Mellon is also expected to provide transfer agency and exchange-traded fund-related services for the GBTC upon its conversion to an exchange-traded fund, or ETF, Grayscale noted. As part of the agreement, BNY Mellon will provide …

Cryptocurrency asset manager Grayscale Investments continues reinforcing its commitment to digital currency investment products with a new filing with the United States Securities and Exchange Commission, or SEC. The company announced Monday that it has filed a Form 10 registration statement with the SEC on behalf of its Grayscale Digital Large Cap Fund (GDLC) to become an SEC reporting company. Grayscale’s diversified digital currency investment fund will now file its reports and financial statements as 10-Qs and 10-Ks with the SEC, along with current reports on Form 8-K, in addition to “complying with all other obligations” under the Exchange Act, …

Bitcoin (BTC) starts a new week in familiar territory — crucial support is back, but bulls have not yet got their breakout. Could that soon change? After reclaiming $33,000 on Friday, BTC/USD has held on to the trading corridor it had been in before last week’s brief volatility. That involved a dip to $32,000 on the back of sudden short positions accumulating on exchange Bitfinex. The impact was only temporary, however, and the weekend saw highs of $34,600 on Bitstamp. Cointelegraph presents five factors to consider when eyeing what Bitcoin might do next. Stocks boom as USD hits classic resistance …

As Bitcoin (BTC) struggles around the $32,700 mark after the July 8 price drop, another major event looms over the flagship cryptocurrency in July, the Grayscale Bitcoin Trust (GBTC) unlock. A total of nearly 40,000 BTC will be unlocked in July, amounting to nearly $1.5 billion in notional value. The biggest of these unlocks will be on July 18 when 16,240 BTC will be available due to the release of the six-month lock-in period for GBTC shares. The tranche of shares consists of positions locked in Q1 2021 with a notional value of around $530 million, making this the largest …

Illinois-based financial services company First Midwest Bank’s trust division has reported it held 29,498 shares of Grayscale’s Bitcoin Trust as of the second quarter of 2021. According to an institutional investment manager holdings report filed by the First Midwest Bank Trust Division to the U.S. Securities and Exchange Commission, the company increased its shares of Grayscale’s Bitcoin (BTC) Trust by more than 283% over that of the first quarter of 2021, from 7,693 shares at the end of March to 29,498 shares in two separate lots on June 30. First Midwest reported the holdings were worth $880,000 at the time …

Bitcoin (BTC) will not move much after Grayscale’s giant 16,000-BTC unlocking date, after all, said crypto trading firm QCP Capital. In its latest market update released on Wednesday, analysts downplayed the popular theory that the Grayscale Bitcoin Trust (GBTC) will cause BTC’s price volatility in the coming weeks. No “significant impact” expected from GBTC As Cointelegraph reported, the GBTC is due to release, or “unlock,” a large amount of BTC after a six-month lock-up period. A frequent event, the size of the unlockings set for this month has nonetheless led to concerns that market volatility will increase, hindering a potential …

Following their longest streak of selling since February 2018, institutional managers became net buyers of digital asset funds last week, offering cautious optimism that the crypto market was turning a corner after a period of significant volatility. Inflows into digital asset funds devoted to Bitcoin (BTC), Ether (ETH) and others totaled $63 million in the week ended July 2, CoinShares said in its latest report. For the first time in nine weeks, inflows were registered across all individual digital assets with dedicated funds. Funds devoted to Bitcoin saw $38.9 million in weekly inflows, bringing the year-to-date total to $4.186 billion. …

Whether a potential sell-off of shares tied to a multi-billion dollar Bitcoin (BTC) investment fund could crash the cryptocurrency's spot prices has turned into a hotly debated topic among the analysts in the space. Grayscale's premium remains negative for months The argument concerns Grayscale Bitcoin Trust, the world's largest digital assets manager that allows institutional investors to gain indirect exposure in the Bitcoin market through its product, GBTC. Investors purchase GBTC shares directly via Grayscale in daily private placements by paying in either Bitcoin or the U.S. dollar. Nevertheless, investors can sell their GBTC shares only after a six-month lockup …

Ethereum investment products have experienced a record outflow of $50 million this past week, signaling bearish sentiment among institutional investors. According to the CoinShares' “Digital Asset Fund Flows Weekly” report, Ether products have now experienced outflows for three consecutive weeks, with $64.3 million leaving the sector since the week ending June 6. Despite the drawdowns, $943 million has flowed into Ether investment products since the start of 2021. The crypto investment product sector saw outflows overall for the fourth consecutive week, with $44 million exiting the sector over the past seven days. The report estimates that $313 million has been …

Wall Street investment bank Morgan Stanley has gained exposure to Bitcoin (BTC) through Grayscale, offering further evidence of wider institutional acceptance of digital assets. The Morgan Stanley Europe Opportunity Fund, which invests in established and emerging companies throughout Europe, owned 28,298 shares of the Grayscale Bitcoin Trust, or GBTC, as of April 30, according to a June 28 filing with the United States Securities and Exchange Commission. At a current GBTC price of $29.68, Morgan Stanley’s exposure is worth roughly $840,000. The exposure was worth over $1.3 million at the end of April, according to the filing. Morgan Stanley's Europe …

Institutional managers continued to take profits on their cryptocurrency holdings, with funds dedicated to Bitcoin (BTC) registering their sixth consecutive weekly outflows, according to CoinShares. Outflows from digital asset investment products totaled $79 million last week, marking the third consecutive weekly decline and the longest stretch of drawdowns since February 2018. Outflows from Bitcon funds totaled $89 million, whereas Ethereum (ETH) products endured a $1.9 million decline. Year-to-date, Bitcoin investment products have generated over $4.1 billion in net inflows. Ether products, meanwhile, have accumulated $992 million since the start of 2021. Multi-asset investment products that hold a basket of cryptocurrencies …

Bitcoin (BTC) dropped to local lows of $33,750 on Sunday as fears over weak support levels proved to be well-founded. Data from Cointelegraph Markets Pro and TradingView showed BTC/USD swiftly dropping below $34,000 on Sunday after choppy behavior at the start of the weekend. A comedown from resistance at near $40,000 continued to unfold, with low volumes highlighting little interest in protecting price action much above $30,000. Orderbook data from Binance confirmed this on the day, with sellers eradicating a major buy wall above $36,500 to leave the next significant support level at just $31,000. Among traders, talk mostly revolved …