Grayscale Ethereum Trust Holding Nears $10 B, as Ether Inches Away From $3,000
The total value of Grayscale Ethereum Trust has reached over $9.3 billion today as the second largest continues its bullish momentum throughout the week. Grayscale’s private crypto investment funds have become quite popular among investors in the absence of regulated crypto investment vehicles for institutions. The Grayscale Bitcoin Trust is one of the largest crypto funds and now as the demand for Ether is soaring so does the Grayscale trust for the cryptocurrencies.
Ether ($ETH) is currently in the beast mode, peaking to new all-time highs for 4 days out of the past five days and currently trading at $2,928 after setting a new ATH of $2,955 earlier today. The second-largest cryptocurrency by market cap bounced back stronger than ever from the past week’s correction mayhem which saw many altcoins dip by over 30%.
Ether is just another rally away from breaching the $3,000 mark just a month after many called for its doom. Last month the rising gas fee problem of the Ethereum network has made it nearly impossible to use for many defi protocols leading the way for many centralized alternatives like Binance Smart Chain (BSC). However, it seems the approval of EIP-1559 and rising demand among institutions and the popularity of Defi have propelled it over the short-term gas fee issue.
ETH Demand on the Rise Among Institutions
At the start of the bull run, Bitcoin was the sole digital asset under the radar of institutions seeing it as a store of value. However, as the bull run has progressed institutions have started exploring digital assets beyond Bitcoin and Ethereum has emerged as a most potent choice especially with the success of the Defi ecosystem and the upcoming launch of ETH 2.0.
The likes of JP Morgan which had deemed Bitcoin as a fad a couple of years ago now see great potential in Ethereum having already offered a Bitcoin Trust. A recent paper published by the banking giant has lauded Ethereum for the depth of the market and might invest in the same.
- Breaking: Bitcoin Hits New ATH Above $125k as ‘Uptober’ Kicks Off in Full Force
- 99.3% of Bitcoin Supply in Profit, Analyst Warns of Short-Term Correction
- Pro-Crypto Mike Selig Emerges As CFTC Chair Frontrunner, Gains Ripple CLO’s Endorsement
- ‘Every Crypto ETF You Can Imagine’: Expert Predicts Flurry of Filings After REX-Osprey’s 21 Applications
- Robinhood Lists Strategy’s Bitcoin-Backed Stocks, Boosting Saylor’s BTC Credit Model
- FLOKI Price Prediction as ETP Listing Drives Adoption—Is a 160% Rally Ahead?
- BNB Coin Price Hits ATH as Derivatives Activity Soars—Is $1,520 the Next Stop?
- Aster Price Eyes $3 After Channel Breakout as Open Interest Surges to $1.37B
- Will XRP Price Hit $5 if the SEC Approves ETFs This Month?
- Bitcoin Price Hits $120K Ahead of Q4 — Can Citigroup’s Forecast Hold Up?
- Pi Network Price at Risk of Another Crash as Mysterious Whale Stops Buying
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
