Grayscale, the digital asset investment firm whom facilitates crypto-exposure for accredited investors, has added 24,796 ETH in the last 24 hours alone. At the current price of $1,540 these amount to $38,000,000.
The ETH Trust Re-Opened
After closing down for a good few weeks, barring new investors from investing, the ETH Trust has been re-opened.
Only accredited investors are allowed to invest, including institutions. This has been a good sign of institutional interest in the cryptocurrency asset class. The rise in institutional interest in Bitcoin was accompanied by a rise in BTC held in the Bitcoin Trust. The same may be happening here with ETH.
The Grayscale ETH Trust holds 2.96 Million ETH right now. With a circulating supply of 114.5 Million ETH, this means the ETH Trust holds more than 2.5% of the entire supply. This amounts to $4.5+ Billion.
ETH All-Time High
After Bitcoin’s breakout and rally past its 2017 high, Ether was lagging behind. The native asset of the Ethereum blockchain has caught up and registered a new All-Time High of $1575 already which is 11% higher than its 2017 high of $1,420.