The American investment company crypto Grayscale saw Ether (ETH) flows exceed those of Bitcoin (BTC) on Tuesday 2 February.
At the end of January, the company said that its Grayscale Ethereum Trust (GETH), previously closed « for administrative purposes », had been reopened as it resumed the private placement of its shares. According to data provided bybt.com, an additional 24,800 ETH ($38 million) was paid into the trust on February 2.
At the same time, 253.73 BTC (USD 9 million) were added to the Grayscale Bitcoin Trust (GBTC).
However, the GBTC manages USD 22.5 billion of assets, while the GETH manages USD 4.3 billion. Since the GBTC reopened in January, Grayscale has added more than 42,481 BTCs, which are now worth USD 1.559 billion.
After setting a new record, the ETH is trading on Wednesday at 13:36 UTC at USD 1,553. It has risen 9% in one day and 15% in one week. At the same time, the BTC changes hands at USD 36,540, after rising more than 5% in one day and 12% in one week.
In the meantime, one wonders whether the CME Group’s launch of ETH futures (forward contracts) next week would not disrupt ETH growth. Futures trading could experience « negative price dynamics » and initial volumes are likely to be low, said Nikolaos Panigirtzoglou, global market strategist at JPMorgan Chase & Co, quoted by Bloomberg.
Vijay Ayyar, director of the Asia-Pacific region of the crypto Luno stock exchange, said that « as far as you know, the major players may be looking to gain long exposure through futures, now that there is an institutional grade product to do so. Smart traders switched to Ether when Bitcoin reached around $40,000 and made more money ».
Among commentators, while some are questioning whether the ETH might fall to the USD 800 level, others seem excited to see where the next few days after the breakout will lead the price. And of course, it wouldn’t be the Cryptosphere if it wasn’t for a bit of humor …
why does eth like to trade like this. this type of price action accelerates male pattern baldness.
its literally our trades that draw the charts.
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