- Grayscale has added $93 Million worth of Ethereum to its ETH trust in 24 hours
- This translates to 52,730 ETH purchased in one day
- This is the highest daily inflow since the year began and since Grayscale opened subscriptions to its Ethereum trust
- Ethereum is struggling to turn $1,800 into support and could be a sign of weakness
Grayscale Investments has added $93 million worth of Ethereum to its ETH trust in the last 24 hours. This purchase marks the highest daily inflow of Ethereum since subscriptions to the trust were open earlier this year. This milestone by Grayscale was captured by the team at Unfolded via the following tweet which includes a chart demonstrating the magnitude of the recent Ethereum purchase.
Grayscale adds $93m worth of Ether in the last 24h, the largest inflow since Grayscale reopened the trust. pic.twitter.com/hoONnmGNCq
— unfolded. (@cryptounfolded) February 12, 2021
Grayscale Purchases 52,730 ETH in 24 hours, 191,645 Ethereum in 30 Days
A quick glance at Bybt.com reveals that the $93 million purchase of Ethereum by Grayscale was in the form of 52,730 ETH. Furthermore, Grayscale has accumulated 191,645 Ethereum – worth $339.2 Million – in the last 30 days and since subscriptions reopened to its ETH trust. The screenshot below, courtesy of Bybt.com, further demonstrates this fact.
Ethereum Struggles to Capture $1,800
With respect to price, crypto traders and investors were looking forward to Ethereum breaking $2k after ETH proved resilient once its CME Futures contracts were launched earlier this week. Many traders were using Bitcoin’s price action between December 17th and 18th in 2017, as a blueprint as to how Ethereum might lose value after its CME futures contracts went live.
However, Ethereum only dipped from $1,700 levels to as low as the $1,486 before bouncing back to post a new all-time high of $1,837 – Binance rate. At the time of writing, Etheruem is trading at $1,770 as it attempts to claim $1,800 as a support zone.
With the weekend here once again, Ethereum needs to attain a strong weekly close preferably above $1,800 for its bullish momentum to be maintained for the rest of the month. Failure of Ethereum to capture $1,800 will most likely result in a dip back to the $1,600 price area and even lower if bears take charge of the situation.
Ray Schuetz received a Masters Degree in computer science from The University of Texas (Austin). Ray has been working as a full-time blockchain consultant for the past 3 years. In his spare time, Ray enjoys writing for EthereumCryptocurrency.com and other crypto news publications.