Grayscale Purchases $90 Million Worth of Ethereum

Leading crypto investments company, Grayscale Investments, has bought over $90 million worth of Ethereum to its Eth fund. This is the highest one day inflow into the trust since it was opened in the beginning of the year and it was made known by Unfolded via a tweet which includes a chart demonstrating the magnitude of the recent Ethereum purchase.

The over $90 million ETH purchase translates to 52,730 units of Ethereum. Grayscale investments in the last 30 days have purchased over 190,000 units of the second-largest crypto asset which is worth $339.2 Million. All of this acquisition was made after the investment company reopened its ETH trust to private investors. 

Ethereum Price Struggles to Climb over $2000

Recently, the crypto asset reached a new all-time high but since its price correction, it has struggled to match its earlier high. However, many crypto enthusiasts have been wondering when the asset would climb over the $2000 mark eventually. 

However, regardless of the current decline in price, hopes remain high that the asset would eventually climb over its current price to a new all-time high. This is quite possible especially with the influx of institutional investors who have shown more interest in the digital asset.

CME Global for instance recorded an impressive opening day for its Eth Futures contract. And coupled with Grayscale’s recent investment, we might witness a run reminiscent of Bitcoin’s price action soon.

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