Grayscale is known to be one of the largest holders of the flagship cryptocurrency Bitcoin.However, a recent report by the crypto analytics platform Arkham Intelligence Suggesting that the asset manager may also be the entity holding the second largest amount of Ethereum.
Grayscale Holds Nearly $5 Billion in ETH
Arkham tweet it “recognizes” grayscale On-chain Ethereum Trust. According to the platform, the discovery makes Grayscale the “second-largest ETH entity,” with the asset manager holding nearly $5 billion (roughly $4.88 billion at the time of writing) in ETH.
Incident: Arkham has identified the Grayscale Ethereum Trust on-chain.
It is now the second largest ETH entity in the world, with $5 billion in ETH.
This has not been previously reported or publicly confirmed. pic.twitter.com/MQqKT6E9v6
— Arkham (@ArkhamIntel) September 1, 2023
The crypto analytics firm noted that Grayscale’s ETH holdings are spread across more than 500 addresses, none of which hold more than $30 million. This apparently made it more difficult for Arkham to identify the ETH held by Grayscale.
Arkham said part of the identification process involved cross-referencing his information with Grayscale’s publicly reported balances.According to the grayscale image websiteIts Grayscale Ethereum Trust has total assets under management (AUM) of nearly $5 billion. Therefore, it seems plausible that the wallet identified by Arkham may indeed belong to Grayscale.
Still, it’s worth mentioning that there seem to be some differences between the two. Arkham’s full report Grayscale’s holdings and reports from the asset manager on its website. The crypto analytics platform shows Grayscale’s Bitcoin holdings are worth $92.5 million. Grayscale, meanwhile, says on its website that it has nearly $16 billion in assets under management. Grayscale Bitcoin Trust (GBTC).
ETHUSD trading at $1,631 today. Chart: TradingView.com
Grayscale is key to Ethereum price
Grayscale is one of several firms looking to enter the bitcoin and ethereum ETF market.Asset managers have submit Apply to the US Securities and Exchange Commission to launch the Grayscale Ethereum Futures ETF.Grayscale also has a application Cooperate with SEC to launch spot bitcoin ETF.
Image: The Block
It is believed that the launch of Grayscale’s ETH futures ETF could have a significant impact on the price of Ethereum and may see it break through $2,000. This belief stems from the fact that the launch of an ETH futures ETF will bring increased trading volumes of the crypto asset and will inevitably lead to a surge in its price.
also, Grayscale’s victory The charges against the SEC give us insight into how the crypto market, including ETH, may react after a major milestone for the crypto industry. After Grayscale’s win, ETH surged above $1,700 despite not being the crypto asset considered in the lawsuit.
Therefore, the approval of Grayscale’s ETH futures application, as well as other pending applications, could be huge for Ethereum and the entire cryptocurrency market.
Featured images from inside Bitcoin
