Grayscale Now Has $10 Billion Worth of Ethereum under Management

Grayscale, one of the largest digital asset managers, recently published an update regarding the total value of the company’s cryptocurrency assets under management (AUM). The New York-based firm now has more than 3 million Ethereum with a total value of over $10 billion.

According to the latest data published by Grayscale, the overall value of its cryptocurrency AUM (including Ethereum assets) reached $41.4 billion on 13 August 2021, which is nearly 25% higher compared to $33 billion on 28 July 2021. The company started this year with approximately $20 billion worth of digital assets under management.

Since the start of 2021, Grayscale accelerated the accumulation of Ethereum significantly. During the first week of March, the US firm added nearly 20,000 ETH to its Ethereum holdings. Grayscale is one of the largest institutional holders of ETH.

Bitcoin remained the largest holding of Grayscale. The company now has more than 640,000 BTC with a total value of nearly $30 billion. Apart from Bitcoin and Ethereum, the asset management firm holds more than $700 million worth of Ethereum Classic (ETC) and approximately $300 million worth of Litecoin (LTC).

Ethereum’s Network Activity

The overall network activity of Ethereum has increased rapidly since the start of August 2021. According to the latest data published by crypto analytics platform, Glassnode, the ETH balance on leading digital exchanges has reached its lowest level in two years. One of the biggest reasons behind the latest number is that prominent Ethereum whale accounts are moving the world’s second-largest cryptocurrency from crypto exchanges to unknown digital wallets.

“Ethereum whale addresses aren’t stopping their accumulation as prices hover above $3,100. 3 years ago, addresses with 10k+ ETH owned 35.8%. Today, they own 43.7% of the number 2 market cap asset’s total supply. There are 1,338 of such addresses,” Glassnode mentioned in a recent report.

ETH is currently trading near $3,300 with a market cap of more than $380 billion. The total crypto market dominance of Ethereum stands at around 19%.

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