Grayscale made a significant institutional purchase of Ethereum

Crypto giant Grayscale purchased $38M worth of Ethereum
  • Grayscale crypto assets manager has purchased $38 million worth of Ethereum
  • he investment products are soaring after restarting the trust
  • Skew believes Ethereum will surge more to cross the price level of $2000
  • Currently, Ethereum is continuing in a bullish momentum

Grayscale, the digital assets manager, has recently purchased Ethereum as the second-largest crypto token after Bitcoin by market capitalization. Following a recent tweet from Skew, it is observed that Grayscale has recently purchased $38 million worth of Ethereum (ETH) tokens. The purchase was made on behalf of the investors of the leader in cryptocurrency investing. 

In late December 2020, the crypto investing firm had closed the Grayscale Ethereum Trust temporarily. However, later as it turned online, the investment product was observed soaring and running.

Grayscale Ethereum Trust is soaring after the restart

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Grayscale Ethereum Trust is back online after being halted in late December 2020. As the trust returned online, the investment product is observed soaring. On behalf of the investors, the investment firm has purchased $38 million worth of Ethereum. It is found that with the addition of 24,796 Ethereum tokens, the digital assets manager is now managing more than $4 billion worth of the ETH tokens. 

On the other hand, it is observed that the recent purchase came amid the token breaking its all-time high record. Indeed, the record high was created after the Ethereum futures launched the Chicago Mercantile Exchange (CME).

ETH is expected to achieve new all-time highs soon

Skew, the blockchain data analysis provider, believes that the token will surge more to create new all-time highs. According to Skew, in the period of the next three months, it is expected that the price of Ethereum will cross the level of $2k. Following Skew’s data, it is also found that the token probability distribution is widening as the implied volume is surging ahead of the CME listing.

The recent performance of Ethereum tokens

Since earlier this month Ethereum has faced significant jumps in its price. Following Ethereum’s weekly chart it is observed that it is indicating that the “Bull is on Roar”. At press time the token is trading at the price level of $1,645.24. Over the last 24-hours, the token has surged by more than 2%. Simultaneously, over the last seven days, the token has surged by more than 23%. However, currently, the total market cap of the token is at $188.31 billion. On the other hand, it is also observed that the total volume traded over the last 24 hours has surged by more than 6% to $44.6 billion.

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Ahtesham Anishttp://www.thecoinrepublic.com
Ahtesham Anis is a Computer Science undergrad student currently based out of India. Coming from the business background and his keen interest in Cryptocurrency and Blockchain technology is what Ahtesham brings to the table. He is always an eager learner when it comes to exploring the new technologies and topics in the crypto world.

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