Grayscale Investments Just Bought $100 Million Worth Of Bitcoin And Ethereum
The crypto market seems to be recovering following Bitcoin’s recent fall in price.
At the moment of writing this article, BTC is trading in the green, and the coin is priced at $18,455.71.
Grayscale Investments bought $100 million worth of BTC and ETH
It’s been just revealed that the largest crypto asset manager Grayscale Investments, just added $100 million worth of Bitcoin and Ethereum to its investment portfolio.
According to the data that’s circulating from crypto analytics firm but, on December 8th, “Grayscale added 131,402 Ethereum worth approximately $74 million and 1,313 Bitcoin worth approximately $24 million on December 9th. Both acquisitions occurred over the course of two separate 24-hour periods.”
It’s been also reported that the company’s largest ETH purchase is supporting Grayscale Investments managing director Michael Sonnenshein’s observations that more institutional investors want exposure to ETH.
“Over the course of 2020, we are seeing a new group of investors who are Ethereum-first and in some cases, Ethereum-only. There’s a growing conviction around Ethereum as an asset class,” he was saying.
He also pointed out the fact that “Grayscale Ethereum Trust has garnered the attention of a new segment of Ethereum-focused institutional allocators. During 3Q20, over 17% of inflows into the Grayscale Ethereum Trust came from new institutional investors.”
Ethereum could achieve a larger market cap than Bitcoin
The other day, we were reporting that the hedge fund millionaire and Real Vision CEO, Raoul Pal said that he would not be surprised to see Ethereum’s market cap grown to surpass the one of Bitcoin in the long term.
During an interview with Anthony Pompliano on The Pomp Podcast, he said that although he prefers Bitcoin as a store of value, ETH has massive potential ahead.
Check out the video below in order to learn more details about what he had to say.
Regarding the price of ETH, at the moment of writing this article, ETH is trading in the green as well, and the coin is priced at $556.68.
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