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Avalanche

Grayscale Investments has launched a new trust focusing on Avalanche (AVAX). This trust offers accredited investors a shot at getting involved with Avalanche.
The trust is now <a href="https://www.globenewswire.com/news-release/2024/08/22/2934225/0/en/Grayscale-Investments-Launches-Grayscale-Avalanche-Trust.html" rel="noopener noreferrer nofollow" target="_blank">open</a> for daily subscriptions to accredited investors, meaning those with the right credentials can start investing in Avalanche through Grayscale.
The crypto asset manager hasn’t had an easy time lately, especially with its flagship Bitcoin and Ethereum trusts. The crypto market has been a rollercoaster in 2024, with Bitcoin up over 61% by July, hitting more than $67,700.&nbsp;
Ethereum has also seen gains, rising nearly 42% over the same period. Despite these upticks, Grayscale’s trusts have been under pressure, particularly with the introduction of spot ETFs.
July saw the approval of several spot Ethereum ETFs, following the earlier launch of spot Bitcoin ETFs. These new investment vehicles have attracted a lot of attention, leading to significant outflows from Grayscale’s Ethereum Trust.&nbsp;
The company lost around $1.2 billion in net outflows from its Ethereum Trust shortly after the spot ETFs hit the market.
Grayscale’s Bitcoin Trust (GBTC) has also felt the squeeze. The emergence of spot Bitcoin ETFs, which come with lower fees, has made GBTC less attractive to investors.&nbsp;
Because of that, there’s been a steady outflow of funds, forcing Grayscale to sell off some of its Bitcoin holdings to meet redemption requests. This liquidation has put additional pressure on Bitcoin’s price, which even dipped below $50,000 earlier this month.
While there have been short-lived recoveries, such as a brief 2.4% increase in GBTC’s share price after its first inflow since January, the overall sentiment has been cautious.&nbsp;

Grayscale expands portfolio with new Avalanche trust

Cryptopolitan_News

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