On the 16th of March, Tuesday the largest crypto investment firm Grayscale purchased 10000 Ethereum tokens, amidst the price hovering around $1800 level. Grayscale Ethereum Trust now holds 3.17Million ETH, the last big purchase was a while ago when 240K Ethereum coins were purchased in a single month.
Grayscale posted an update of their Net Asset Under Management yesterday on Twitter
03/16/21 UPDATE: Net Assets Under Management, Holdings per Share, and Market Price per Share for our Investment Products.
— Grayscale (@Grayscale) March 16, 2021
The total AUM of the company is a whopping $42.9Billion out of which 13% is under grayscale ethereum trust I.e $5.6 billion worth of tokens.
Ethereum on Saturday moved above the $1900 level but failed to surge above its ATH $2000, and at the time of writing is at $1,761.20 with a market cap of $202.68 Billion.
Will ETH Price Surge Above $2.5K?
The fundamentals of Ethereum have been improving despite being around the $1800 level. The supply of the tokens has been dipping down due to whale accumulation.
According to the latest report by Santiment, Ethereum whales have priorly addressed 10000 plus ETH, and are not ready to budge. Likely, less than 1% in ETH whale addresses, 10000 ETH is held by retail player addresses which have dropped by 7.2%.
🐳💪 #Ethereum's top holders aren't showing major signs of budging after its #AllTimeHigh hit four weeks ago. There are 0.9% less 10,000+ $ETH addresses compared to last month. Meanwhile, 100-10,000 $ETH addresses have dropped a much more substantial 7.2%. https://t.co/bg4WVcQadM pic.twitter.com/jcFF48X6bo
— Santiment (@santimentfeed) March 17, 2021
However, these high ETH network addresses hint at the price rising back to the $20000 mark again. Many in the crypto world, have already anticipated Ethereum to have a great bull run ahead.
Grayscale has recently diversified its investment portfolio by acquiring many altcoins, recently it has been pretty big on Litecoin with a huge purchase of 174K tokens. Although the previous Ethereum purchase happened a while ago, that was a $38 Million investment, now it looks like Ethereum is back on the radar.