Bitcoin’s Grayscale Premium Recovers As Morgan Stanley Steps n

On-chain data Reveals Bitcoin is UndervaluedNext to nothing has changed from a technical standpoint on the BTC/USD chart since Monday. Bitcoin is ranging, and until one side gives way, there’s not much to look at.As bitcoin chops around, however, it’s worth considering historically significant charts to contextualize the price.The Puell Multiple is one such significant chart. It is calculated by dividing the daily issuance value of bitcoin (in USD) by the 365-day moving average of daily issuance value. The metric was created by David Puell, and it has just fired a ‘buy’ signal.Not to be confused with short-term trading, the Puell Multiple provides insight as to what could be expected on a weekly or monthly basis. Per the above data, it’s painfully clear that bitcoin experienced one of the sharpest drawdowns in history — straight into the accumulation zone. In other words, even if bitcoin trades at lower prices over the next few weeks (which I think is unlikely), buyers will be aggressively accumulating under these conditions.Meanwhile, Grayscale’s GBTC premium appears to be ticking higher, revealing that traditional institutional interest in the fund is increasing.At just over -7%, the GBTC premium offers the possibility for investors to take advantage of the negative premium in order to potentially sell for an arbitrage (and price increase) after the 6-month lock up period.According to a filing with the Securities and Exchange Commission (SEC), Morgan Stanley’s Europe Opportunity Fund has purchased a significant amount of shares from the largest asset manager in cryptocurrency, Grayscale.Grayscale Litecoin Holdings SurgeInterestingly enough, the asset manager’s Litecoin holdings (ticker ‘LTCN’) have skyrocketed in the last 30-days, showing an increased investor appetite for the highly liquid secondary digital asset.Given the lower market cap (compared to Bitcoin), Grayscale’s Litecoin Trust plays a notable role in the coin’s price fluctuations and could…