Grayscale’s funds exceed $ 30 billion for the first time

Digital asset management company Grayscale Investments is recording increased investor interest in its Ethereum trust since its reopening for deposits. During the week, Grayscale added 83 678 ETH to its vaults. The largest purchase of 47,000 ETH worth $ 76 million at the exchange rate at that time was made on February 3.

According to the latest reports of the company, along with this, the volume of assets under its management for the first time exceeded $ 30 billion. In total, the Grayscale trust currently contains about 3 million ETH.

At the same time, CryptoQuant analysts are paying attention to the decline in exchange reserves in ETH. Now they amount to 21 million coins, after about 4 million ETH were withdrawn from exchanges in the last month.

Ninos Mansor, a partner at the Arrington XRP Capital crypto fund, claims that Grayscale has opened a black hole for ether by re-accepting investments in the Ethereum trust. Grayscale trusts do not have a stock redemption mechanism, so all the cryptocurrency traded in them stays there, reducing the market supply.

In total, since the beginning of the week, Grayscale has increased its assets by almost $ 4 billion. The largest remains the bitcoin trust with $ 24.3 billion, but the Ethereum trust is catching up with it and has already approached $ 5 billion. For comparison, a month ago, the value of the former’s assets was $ 19. 1 billion, and the second – $ 3 billion.

The increase in Grayscale assets is also largely due to the growth in the rates of the respective cryptocurrencies. Ether hit all-time highs around $ 1,700 this week, while Bitcoin returned to levels above $ 37,000.