What MATIC’s exclusion from a Grayscale fund might mean for its price
The post What MATIC’s exclusion from a Grayscale fund might mean for its price appeared on BitcoinEthereumNews.com.
MATIC has been removed from Grayscale’s GSCPxE Fund Decision could be a product of the altcoin’s month-long downtrend on the charts Grayscale Investments has announced adjustments to its fund components after Q2 of 2024. Grayscale Investments is the largest crypto assets manager in the world and controls various components, including GSCPxE, OTCOX: GDLC, and OTCQB: DEFG. After the second quarter review, they have updated fund component weights for every product. CSIMarket announced the development through the X official page, reporting that, “Grayscale Investments Rebalances Crypto Funds to Meet Investor Demand for Diversification: $GBTC Grayscale Investments Announces Rebalancing of Crypto Funds for Second Quarter 2024.” According to the aforementioned update, GDLC tokens remained unchanged with assets such as BTC, ETH, SOL, XRP, and AVAX enjoying weights of 70.46%, 23.51%, 3.86%, 1.54%, and 0.63%. MATIC removed from Grayscale GSCPxE However, based on the Coindesk Smart Contract Platform Select ex ETH Index, various adjustments were made to the GSCPxE. The adjustments included selling Polygon (MATIC), while also spending the earnings to purchase existing fund components, as per their weights. Accordingly, MATIC was removed from the GSCPxE Fund. These adjustments were made to adhere to prevailing market trends, while ensuring flexibility for each asset based on their weights. Impact of adjustment on MATIC’s price At press time, MATIC was trading at $0.4778 after hiking by 8.5% in 24 hours. At the same time, the market cap appreciated similarly to hit $4 billion on the charts. On the contrary, trading volume fell by 39.74% to $292 million over the last 24 hours. This, on the back of the altcoin’s weekly price decline too. Source: Coinglass Equally, AMBCrypto’s analysis revealed that MATIC has been at the receiving end of a strong bearish trend. For starters, our analysis of Coinglass suggested that MATIC has ridden through high…
Filed under: News - @ July 7, 2024 12:12 pm