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Grayscale Bought $334M In ETH In Two Weeks

Ethereum remains in the spotlight a lot these days due to the success of the project. The mass adoption of the coin has also been going great, and this trend will probably continue.

It’s been just revealed that the digital asset manager Grayscale just bought more than $344 million worth of Ethereum on behalf of its investors in about two weeks.

Ethereum sees institutional adoption

The online publication the Daily Hodl notes that the crypto trading and insights platform Bybt notes that the Grayscale Ethereum Trust (ETHE) witnessed an influx of investments starting from February 3rd to 13th when thousands of ETH worth tens of millions of dollars entered the trust almost on a daily basis.

The same online publication mentioned above notes that Grayscale made the largest ETH buy this month on February 12th, with the digital asset manager buying 52,730 ETH.

In a new tweet, Grayscale reveals that it now manages $38.8 billion in crypto assets, with Ethereum Trust’s assets under management (AUM) valued at over $5.57 billion.

Regarding the price of ETH today, at the moment of writing this article, ETH is trading in the green, and the coin is priced at $1,884.01.

There are all kinds of bullish predictions about the price of Ethereum.

Can ETH break past $2,000?

Ethereum has been range-bound between $1,700 and $1,900 for the past week despite other high market cap coins setting new ATHs.

Despite the mounting gas fee concerns, the volume of ETH that’s held across more exchanges has continued to drop at a rapid rate.

During February, the cost of facilitating a transaction on the ETH network has been hovering above the $16 mark.

Stay tuned for more news.

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