Ethereum Price Tops $1600 as Grayscale Adds $38 Million in ETH

Grayscale has added around $38 million worth of ETH to its Ethereum Trust as the price for the cryptocurrency tops $1,600.

Ethereum Price Tops $1600 as Grayscale Adds $38 Million in ETH
Grayscale Investments continues expanding its Ethereum Trust to accredited investors, adding over $38 million worth of the surging digital currency to its portfolio. Grayscale Investment Adds Ether Worth $38 Million Grayscale Investment has set the ball rolling to its Ethereum Trust (ETHE) after about a month of ceasing its inflows. Shortly after making the headlines for adding over $1 billion in a week to its Bitcoin position, Grayscale seems to have their eyes fixed on the next target. Recent data from the popular crypto monitoring resource, Skew, shows that Grayscale has added $38 million worth of Ether since it resumed the Ethereum Trust. This closely follows the purchase of $74 million worth of Ether in December 2020 and signals its intent to rubber-stamp its place as ‘the only SEC approved way to purchase ETH’. Grayscale Ethereum Trust Inflows. Source: SkewThe company has been at the forefront of digital asset management and is widely touted to be responsible for the majority of institutional investors’ activity. Ether Blazes Past $1600 Ahead of CME Launch The second-largest cryptocurrency by market cap is hitting new highs as its CME launch approaches. Earlier today, CryptoPotato reported that the digital currency hit a new above  $1550. This record did not last too long as it surpassed the landmark in a few hours to attain a new all-time high above $1,600. Its market capitalization is currently up 12% over the past 24 hours, exceeding the $185 billion mark. Ethereum futures will debut on the Chicago Mercantile Exchange on the 8th of February. The derivates marketplace announced its decision to list Ether last year. With the launch date inching closer, many enthusiasts and investors keenly anticipate the effect of this development on the cryptocurrency markets. “Based on increasing client demand and robust growth in our Bitcoin futures and options markets, we believe the addition of Ether futures will provide our clients with a valuable tool to trade and hedge this growing cryptocurrency. Ethereum is the second-largest cryptocurrency by both market capitalization and daily volume. The introduction of listed Ether futures to our time-tested, regulated CME Group derivatives marketplace will help to create a forward curve so Ethereum market participants can better manage price risk.” CME Group Global Head of Equity Index and Alternative Investment Products, Tim McCourt said.