In the last 24 hours, Grayscale Reportedly Purchased 3,347 Ethereum

Despite the nervousness around the cryptocurrency market in recent times, especially last week, and how that the wider market has shed around billions in the past weeks, Grayscale has been on a buying binge for a while and particularly has purchased Ethereum in large amounts.

The fund manager of cryptocurrency, Grayscale Investments, continues to heighten its investment in the crypto space. In recent news getting out, Grayscale has acquired 3,347 ETH in just 24 hours.

Considering the average price of Ethereum in the market sitting at $1,555, the Grayscale buying spree means that they spent over $5 Million, and this is one of the greatest purchases of ETH for the manager in just 24 hours.

Moreover, with this, it means Grayscale has about 3.17 Million ETH with its fund Trust (Grayscale Ethereum Trust), making it about $4.7 Billion AUM (Asset Under Management).

Cypher Mind HQ

The establishment of ETHE – Grayscale Ethereum Trust is in response to the high demand of investors around the company who wanted to remain anonymous with their investment in the top crypto in the market. The Fund was launched in 2017 and has remained one of the oldest kinds of such passive investment schemes for the Ethereum market.

Market investors remain more cautious with the facts

Despite the bullish approach of Grayscale to the current crypto market, their investors are more cautious.

According to charts and data from ycharts, the GBTC (Grayscale Bitcoin Trust) under the Grayscale Investments has seen a dipping just as BTC dipped to the low $40,000, which caused a negative premium or discount.

Basically, this means that the NAV (Net Asset Value) has fallen under zero, and it suggests that investors should sell off their holdings at least a portion of it. But according to the rise in the value of USDT in the market, having reached $1.01 on the 1st of March, it became clear in all indications that investors should look to safeguard their gains for the short term.

Is a new high possible for ETH and BTC?

Overall, the optimism in the market remains a very strong one, with investors buying the last weekend dip. Goldman Sachs, over that weekend, reopened its trading services for clients.

The demand in the market came as at the time most cryptocurrencies went short in their supply, and data shows that miners chose to hold their reward than selling it to correct the price.

Author: Isacco Genovesi

Isacco writes news articles, reviews and guides about cryptocurrencies including technical analysis, blockchain events, coin prices marketcap and detailed reviews on crypto exchanges and trading platforms.

Leave a Reply

Your email address will not be published.