Grayscale Buys 24.8k ETH; A Record 52.38 Million Addresses Now Holding Ether, Which Hit A New ATH

Grayscale’s $37.8 million purchase coincides with the price of Ether making a new all-time high at $1,575 and entering into price discovery.


Nearly two months later, Grayscale finally purchased 24.8k ETH this week.

This purchase coincides with the price of Ether making a new all-time high at about $1,575 and entering into price discovery.

This jump in the price of ETH came after a consolidation under the previous ATH of $1,440 and following a record-breaking month in January in Ethereum’s tweet volume surpassing 500,000 for the first time in its history, as per The Tie.

Since breaking the $1,500 barrier, 100% of ETH addresses are in profit. Currently, a record 52.38 million addresses are holding ETH, an all-time high, according to data provider IntoTheBlock. On-chain transactions activity is also back to Jan 2018 levels, averaging 1.16 million transactions daily.

The world’s largest asset manager bought 131.25k ETH on Dec. 9. It was only towards the end of last week that the Grayscale Ethereum Trust (ETHE) was opened for accredited institutional investors.

As we reported, given BTC accumulation by Grayscale, the same has been expected of ETH, which is now taking place.

With the latest purchase of $37.8 million worth of ETH, Grayscale now holds $4.5 billion worth of ETH. Grayscale’s 2.96 million ETH holding now represents 2.5% of Ethereum’s circulating supply.

Another bullish push for Ethereum price will be coming from CME’s Ether futures on Monday. While some may feel the futures launch could turn out to be bearish, as happened during the 2017 bull market when the registered futures market launched Bitcoin futures.

However, trader and economist Alex Kruger says before that price drop, the CME Bitcoin futures launch drove the prices of BTC from $6k to $20k in just two and a half months.

Meanwhile, 2.87 million ETH are sent to ETH 2.0 deposit contract. Another 7.4 million ETH are locked in decentralized finance (DeFi). Asset management company Ark Invest says, “decentralized finance (“DeFi”) has been a positive catalyst for the increased adoption of Ethereum’s network.”

“By leveraging ether as “trust-minimized” collateral, market participants can disintermediate traditional financial companies and access financial services like credit & lending, market making, trading, custody, investing, and access to synthetic US dollar exposure,” reads the company's deck “Big Ideas 2021.”

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