During price corrections, Grayscale’s Ethereum Trust added more than 10,000 ETH

Spread the love

The value of most cryptos has been trending lower given the price correction in the market. Ethereum, the largest altcoin on the market, has slipped 25 percent from the top at $2,130. The blow on 23 February raised the value of the digital asset to $1,348, but ETH’s price stabilised rapidly. It was trading at $1,614 at the time of publication.

The recovery painted a bullish picture for Ethereum despite the fall, particularly for the buyers. In order to fill their pockets, institutions have been capitalising on the short-term collapse of digital assets such as Ethereum and Bitcoin. According to reports, in the past day, when ETH’s price fell below $1400, Grayscale’s Ethereum Trust added more than 10,000 in the digital asset.

 

With this latest addition, its total Ethereum holdings reached 3.17 million ETH or $5.1 billion, at the current value.

Image

Source: Twitter

The overall momentum in the Ethereum market has remained bullish, despite the recent downtrend in value. The second-largest digital currency has returned 118 percent to its investors year-to-date. Before reaching the ATH above $2k, the sharp declines seen on the market were only used by institutions and others as an incentive to buy more ETH.

RECOMMENDED READ:  Grayscale’s Bitcoin premium at discount price for the third time, invest now or not?

The other exciting crypto investors are looking at, Ethereum has become. Users have been hoarding the digital asset, anticipating higher returns, with its price also noting a significant rise. Skew’s data highlighted that when ETH value drops, fewer liquidations took place, supporting the holding narrative.

 

 

Because of the launch of Ethereum futures by CME, the Ethereum market has also seen increased interest. On 22 February, when the prices plummeted, the platform noted record trading volume near $160 million.

Image

Source: Skew

As investor interest increased, the growing price of gas on the Ethereum network added to it. ETH fees peaked at $37.60 on Wednesday as the market retraced from $2k, which is the highest amount observed in nearly its 6-year history. Right now, interest may not be noticeably affected, but the high gas charges will continue to make ETH a rare digital asset for individual investors.

 752 Interactions,  4 today

READ ALSO:
GBTC discount has reached an all-time high, so which direction is Bitcoin’s price heading?

Throughout March, Grayscale Bitcoin fund goods exchanged at average discounts between 4.66 percent and 4.34 percent relative to NAV (nett Read more

Why ‘Grayscale influence’ may be present in Livepeer [LPT]

With a 24-hour high of $29.79, LPT made headlines after seeing a 1,000% price increase recently. Fortunately, the rise emerged Read more

Grayscale is introducing five new crypto trusts focused on BAT, LINK, FIL, MANA, and LPT.

Grayscale Investments has announced the introduction of five new trusts focused on various cryptocurrencies, including Basic Attention Token (BAT), Chainlink Read more

Grayscale adds 10,000 Ethereum (ETH) as the price hovers around $1800, and Whale Addresses remain strong

Since breaking through $1900 heights last Saturday, Ethereum (ETH) struggled to smash through its all-time peak of $2000 and has Read more

Grayscale Looking to Recruit Crypto ETF Team, Says the U.S. Will Quickly Follow Canada’s Footsteps

Canada has launched three bitcoin-based exchange-traded funds (ETFs) within the last few weeks, and the United States appears to think Read more

Grayscale’s Bitcoin premium at discount price for the third time, invest now or not?

Bitcoin's largest Bitcoin Fund – Grayscale's GBTC is selling at a discount for the third time, and it's the biggest Read more

RECOMMENDED READ:  Grayscale Looking to Recruit Crypto ETF Team, Says the U.S. Will Quickly Follow Canada's Footsteps
Grayscale’s filing reveals considering Yearn Finance as a potential offering.

The filing of a corporate registration with the State of Delaware reveals that Grayscale is considering Yearn Finance as a Read more

Twitter CEO, Jack Dorsey gives $1M to the Coin Center at the top of Grayscale’s $2M donation.

The D.C.-based advocacy organisation has just raised millions for its ongoing research and lobbying activities. Here's how the percentages have Read more

How releases of lock-up GBTC shares scheduled tomorrow likely to trigger new BTC surge

The release of lock-up funds usually heralds the start of market upside down and concludes the stabilization periods, data reveals. Read more

Here is why Grayscale reopened Ethereum trust to investors

Grayscale, one of the biggest digital asset managers in the world, has reopened the Ethereum trust to customers. The statement Read more

How Grayscale decides the price of Bitcoin, the future.

Grayscale's sliding BTC premium rings warning bells for buyers and traders alike. Alarm bells are not an underestimate, particularly after Read more

Leave a Reply

Contact Us