Grayscale is known for its massive investments in Bitcoin, but the trust fund has also purchased Ethereum, Litecoin, and other digital currencies in the past.
Institutional investors are currently paying a lot more for the Grayscale Litcoin Trust (LTCN) shares than the real value of Litecoin, which is around $86.
The chart of the Grayscale Litecoin Trust Premium to NAV shows 3,193%, which means that investors are effectively buying LTC at an implied price of $2,750.
In the past four months, the price of LTC and the Grayscale Litecoin Trust Premium to NAV have been directly correlated.
The last spike happened around the beginning of November. Litecoin price had a 72% increase since then.
The correlation between the LTCN shares and Litecoin price doesn’t necessarily seem to be benefiting the digital asset.
On Aug 31, LTCN shares were worth $1.95 and spiked to $42.15 on Sep 1.
On the other hand, the price of Litecoin dropped from $64 to a low of $45 three days later, representing a 29% decline.
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