Major US-based crypto investment company Grayscale saw yesterday ethereum (ETH) inflows surpass those of bitcoin (BTC).
At the end of January, the company stated that its Grayscale Ethereum Trust (GETH), previously closed “for administrative purposes,” has been reopened as it resumed the private placement of its shares. Per the data provided by bybt.com, additional ETH 24,800 (USD 38m) flowed into the Trust on February 2.
At the same time, BTC 253.73 (USD 9m) were added to the Grayscale Bitcoin Trust (GBTC)
However, GBTC has USD 22.5bn in assets under management, while GETH – USD 4.3bn. Since GBTC reopened in January, it added more than BTC 42,481, now worth USD 1.559bn.
After reaching another all-time high, at 13:36 UTC on Wednesday ETH is trading at USD 1,553. It’s up 9% in a day and 15% in a week. At the same time, BTC is changing hands at USD 36,540, having increased more than 5% in a day and 12% in a week.
Meanwhile, there’s some debate over whether the CME Group‘s launch of ETH futures next week would disturb ETH’s growth. The listing of the futures may see “negative price dynamics” and initial volumes are likely to be low, Nikolaos Panigirtzoglou, global market strategist with JPMorgan Chase & Co., was quoted by Bloomberg.
But Vijay Ayyar, head of Asia Pacific with crypto exchange Luno, argued that “for all you know, major players may be looking to get long exposure through futures, now that there is an institutional-grade product to do so […] Smart traders moved to ether when bitcoin topped out around [USD] 40,000 and have made more money.”
Among the commenters, while some wonder about a potential drop for ETH to even the USD 800 level, others seem excited to see where the next few days post-breakout will lead the price. And of course, it wouldn’t be the Cryptoverse without some humour at one’s own expense.
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.
we are doing this to ourselves.
— KING CO฿IE 🌙 (@CryptoCobain) February 3, 2021
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