Grayscale Bought 3347 Ethereum Worth $5 Million
Crypto fund manager Grayscale Investments continues to make major purchases in droves. Grayscale bought 3347 Ethereum in the past 24 hours, a value of more than $5 million. Over the last week, Grayscale has now purchased 19,355 ETH.
As it continues to expand its Ethereum Trust, Grayscale now has 3.17 million ETH under management, worth nearly $4.86 billion.
Data from Bybt.com also shows that Grayscale bought large amounts of ZEC, ZEN, and XLM. Additionally, there were some minor outflows as well. 96 Bitcoin, 148 Litecoin, 59 Bitcoin Cash, and 3,027 Ethereum Classic all left Grayscale yesterday.
Initially launching its Ethereum Trust in 2017 due to overwhelming demand from investors. These investors wanted a mechanism through which to invest in the top-cryptocurrency without direct exposure.
Grayscale Extremely Bullish On The Crypto Market
While Grayscale itself is extremely bullish on the current crypto market, investors don’t feel the same.
Grayscale’s Bitcoin Trust saw a negative premium over the past few days, as Bitcoin dipped to the low $40,000s. This means that its Net Asset Value fell below zero, suggesting investors in the fund decided to sell off at least a portion of their holdings.
The market also saw a rise in the value of USDT, with the stablecoin hitting a peak of $1.01 on March 1. All of this seems to indicate that investors are looking to safeguard their gains in the short-term.
Despite all of this, overall optimism in the market remains strong. A faction of bullish traders and investors bought the dip over the weekend. Meanwhile, Goldman Sachs revealed it re-opened its cryptocurrency trading desk to service its clients.
This is the latest in a number of recent moves from Grayscale. Ethereum and Bitcoin still represent more than 90% of its AUM but they are looking to expand.
They recently announced they are considering 23 digital assets for new investment products. These potential assets include Aave, Cardano, EOS, and Polkadot.
