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Glassnode: Grayscale Has Bought 195,000 ETH In February

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1 year ago

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According to Glassnode, cryptocurrency analyst firm Grayscale appears to be very interested in cryptocurrencies. At the moment, Grayscale bought 195,000 ETH in just one month, and that is February of this year.

Glassnode: Grayscale Labs bought 53,000 ETH on February 11th

Since the beginning of 2021, the total amount and value of Ethereum managed by Grayscale has doubled:

Glassnode tweeted that ETH under Grayscale is currently equivalent to $ 5.5 billion. Some of this increase is due to the token’s new all-time-high prices. However, Grayscale made a series of purchases as well. One of these purchases, on Feb. 11, included 53,000 ETH.

Grayscale also had a share regarding his holdings.

Ethereum purchases take place after Grayscale reopens the Ethereum trust to eligible investors on Feb. 1. The fund was closed during the winter break, and so institutional investors want to overcome the rising wave of ETH is sidelined. Also in the first week, Grayscale bought 83,678 ETH for a total value of $ 139 million, bringing the company’s total assets under management to $ 30 billion at current prices.

The tweet from Grayscale also shows how much the company has diversified since its inception in 2020. There is now confidence in Litecoin, Stellar, and ZCash. One fund XRP has been delisted, however. This is due to the potential exposure to (not to mention the lack of demand for) XRP because of the SEC lawsuits against Ripple and two of its CEOs.

Despite the removal of XRP, the company continues to grow. It has been submitted to the State of Delaware for a series of mandates related to DeFi projects. These include Aave, Polkadot, Uniswap (UNI), Cosmos (ATOM), Monero (XMR), Theta, (THETA), and Cardano (ADA). In total, Grayscale registered 33 trusts with the State of Delaware. Nine people are currently living.

Grayscale is by far the most active participant in the cryptocurrency market at the moment. However, this will likely change throughout 2021. On February 11, Canadian company Purpose Investments launched the first North American Bitcoin Exchange Fund (ETF). The Purpose Bitcoin ETF will trade on the Toronto Exchange.

Since ETFs have been the holy grail of institutional investment in cryptocurrencies since 2017, when the Gemini Trust signed up for a bitcoin ETF, this news could shake the world of institutional investment. If a US bitcoin ETF is approved by the SEC, future cash flows to Grayscale by institutions that cannot or will not directly hold BTC will no longer be secured.

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