The truth about grayscale “reducing” XLM and XRP: just because the official website data statistics deadline has changed (www.blockcast.cc)

The truth about grayscale “reducing” XLM and XRP: just because the official website data statistics deadline has changed

On December 30, Grayscale updated its daily asset management scale changes on Twitter as usual, but the deadline for statistics on trust shares on the official website has changed, from the previous “November 30” to an earlier one “August 31st” caused a large number of website data crawling official website data error.

According to Ludong statistics, the trusts that change the deadline include Stellar (XLM) Trust, ZEN Trust, XRP Trust, and ZEC Trust.

The remaining trusts, including BTC trust, BCH trust, ETH trust, ETC trust, and LTC trust, will update their data in real time after the OTC market closes. Therefore, the reduction data is normal, and belongs to the trust management fee collected by Grayscale in the form of tokens.

The public information disclosed by Grayscale shows that the trust shares of XLM, ZEN, XRP and ZEC held by it cannot be traded through the OTC market. Therefore, some investors believe that it may be the redemption by investors, which led to a decline in gray positions. Therefore, Rhythm has calculated the asset management scale of all grayscale trusts in the past month.

In December, Grayscale XLM trust asset management scale did not experience a huge drop. The main reason for the decline in the scale of XRP trust asset management is the decline in the XRP secondary market price, which is not directly related to the reduction of Grayscale holdings. Therefore, Grayscale Trust did not carry out a large number of reductions, and at the same time, trust investors did not redeem it.

Of course, the market’s concerns are not justified. Due to the US SEC’s lawsuit against Ripple, Coinbase, the largest cryptocurrency trading platform in the US, has announced plans to suspend XRP trading on January 20, 2021. Since Grayscale XRP Trust cannot be traded in the OTC market, investors currently do not seem to have a better exit channel. At the same time, whether Grayscale will liquidate the XRP trust is still unknown.

On December 29, Cinneamhain Ventures partner Adam Cochran said on Twitter that he has confirmed that the SEC is actively investigating at least one major project and has not yet entered the litigation stage.

On the same day, Grayscale Trust changed the deadline for data disclosure of multiple trusts, among which Stellar (XLM) is the closest to Ripple.

Jed MacCaleb, the founder of Stellar, was one of the original founders of Ripple. He chose to leave Ripple because he had a huge disagreement with another founder, Chris Larsen, on the future development path of Ripple. After leaving Ripple, Jed MacCaleb founded Stellar, but nearly 99% of Stellar’s code comes from Ripple. When asked about the difference with Ripple, Jed MacCaleb said that Stellar is a non-profit organization, while XRP is mostly held by company issuers, while XLM is for mass users.

According to public data, Grayscale’s XRP Trust and XLM Trust have not undergone more than expected changes. As of press time, Ludong has not been able to know whether Grayscale will delist XRP trust or make investors redeem XRP and whether the large companies under investigation by the US SEC are related to Stellar.