Grayscale Buys Ethereum Dip as ETH Drops Below $1,600

Grayscale, the world’s largest digital assets manager, purchased nearly $25 million worth of Ethereum (ETH) in a single day after the price of ETH dropped below $1,600. ETH has dipped nearly 20% in the last 5 days.

According to the latest data published by crypto analytics firm, Bybt.com, Grayscale has accumulated a total of 15,521 ETH in the last 24 hours in an effort to take advantage of the recent crash in ETH. As of writing, the world’s second-largest cryptocurrency is trading near $1,600 with a total market cap of $185 billion.

The crypto asset manager now holds 3.17 million ETH with a total value of more than $5.1 billion. Grayscale purchased 238,784 ETH in the last 30 days. The firm reopened its ETH Trust in late January 2021 after a temporary hold on new investments in December 2020.

Grayscale has accelerated its efforts to accumulate ETH in the last few months. Recently, the company released a report on ETH and highlighted the potential benefits of ETH 2.0. Michael Sonnenshein, CEO of Grayscale mentioned in December 2020 that the institutional interest in ETH-related investment products has grown significantly.

Grayscale’s Crypto Holdings

In addition to ETH, the asset manager has accumulated Bitcoin and other digital assets. The company purchased 137 Bitcoin worth nearly $6.7 million in the last 24 hours. Grayscale has 655,690 BTC under management with a total worth of approximately $33 billion. Grayscale bought 609 Litecoin (LTC) and 268 Bitcoin Cash in a single day. The company now has $254 million worth of Litecoin under management along with $150 million worth of Bitcoin Cash. Grayscale reported a minor outflow of 1,009 ETH Classic during the last 24 hours.

Grayscale’s total digital assets are valued at approximately $38.7 billion. The value of the company’s digital assets has dropped by more than $4 billion in the last 5 days. Despite the recent dip, Grayscale’s crypto assets have grown significantly since the start of 2021 as the company started this year with $20 billion worth of digital assets under management.

(Photo: Grayscale Investments)

bitcoin
Bitcoin (BTC) $ 56,778.00 3.45%
ethereum
Ethereum (ETH) $ 2,241.79 1.35%
binance-coin
Binance Coin (BNB) $ 506.38 0.34%
xrp
XRP (XRP) $ 1.41 5.66%
tether
Tether (USDT) $ 1.00 0.07%
dogecoin
Dogecoin (DOGE) $ 0.329373 12.63%
cardano
Cardano (ADA) $ 1.29 3.94%
polkadot
Polkadot (DOT) $ 37.75 8.45%
bitcoin-cash
Bitcoin Cash (BCH) $ 1,022.03 5.94%
litecoin
Litecoin (LTC) $ 275.46 4.35%
S&P 500  ^GSPC 
$4,185.47  $15.05  (0.36%)
Dow Jones Industrial Average  ^DJI 
$34,200.67  $164.67  (0.48%)
NASDAQ Composite  ^IXIC 
$14,052.34  $13.54  (0.10%)
Russell 2000  ^RUT 
$2,262.67  $5.60  (0.25%)
Crude Oil May 21  F*CL.NYM 
$62.92  $0.2700  (-0.43%)
   
$0.0000  $0.0000  (0.00%)