- Grayscale announces that its AVAX holdings will be sold in an effort to rebalance the portfolio.
- Grayscale’s AVAX holdings are below 1%
Grayscale Digital has sold its stakes at Avalanche by 6 January [AVAX]. According to the company’s announcement on Twitter, the token attempted to consolidate on its slight uptrend.
The disappointing price action followed. Grayscale could be causing a greater negative effect. Or could the token just shake it off, and continue its upward trend
4/ Avalanche is created after this rebalancing. $AVAX Deleted from the CoinDesk Large Cap Select Index (OTCQX) and Grayscale Digital Large Cap Fond (OTCQX). $GDLC).
As of 1/5/2023, the fund’s holdings consist of $BTC, $ETH, $ADA, $SOLAnd $MATIC.
Learn more https://t.co/mZPzs12CB5 pic.twitter.com/FvKeb8aCwH— Grayscale (@Grayscale) January 6, 2023
Read Avalanche’s [AVAX] Price Prediction 2023-24
Grayscale sells its AVAX assets
Grayscale filed for a judicial proceeding on 6 January. report The Securities and Exchange Commission (SEC), provided details about the portfolio rebalancing. The company reported changing the fund’s portfolio by selling Avalanche and investing the proceeds across the remaining fund components following their prior weightings.
AVAX was not disclosed as the only asset in the announcement. Synthetix will be made available. [SNX] Algorand, in its DeFi Fund [ALGO] It was also unloaded.
Recent information on Grayscale’s website showed that the company now had more than $164 million worth of assets under management. AVAX was responsible for less than 1% of the company’s interests. Its AVAX holdings were contained in the company’s recent filing with the SEC submitted in 2022.
What did the news do to AVAX?
AVAX rose by 0.31% when viewed daily. Following the statement from Grayscale, the asset’s price rose to roughly $11.77 by the end of the trading day.
An examination of the chart showed that the asset dropped to $11.35 in the same trading period. The announcement could have been the cause of the price drop rather than an intentional Grayscale dump.
Source: TradingView
Except for a sudden spike, the asset may not see a huge surge in the coming days or weeks. The On Balance Volume indicator, which is similar to the volume metric had remained nearly flat. Holders should not anticipate any significant price movement soon, even though the news had little to no negative impact on the asset’s price.
Are your holdings turning green? The AVAX Profit Calculator is available.
Dev team racks up…
While the price has not gone up as much as owners would like, one metric is increasing. Recent increases were evident in the Developer Activity metric.
As of writing, the dev activity metric was at 9.57. The rise, which follows several weeks of a downtrend, can signify the team’s forthcoming new features.
Source: Santiment