Grayscale Holds Close To $5 Billion In ETH
Grayscale, known for its large holdings of Bitcoin, has been identified as the second-largest holder of Ethereum, according to a report by Arkham Intelligence. The report reveals that Grayscale holds close to $5 billion in Ether, split across over 500 addresses.
Grayscale Key To Ethereum Price
Grayscale’s upcoming launch of an Ethereum futures ETF could have a significant impact on the price of Ethereum. The increased trading volume and surge in price that typically accompanies the launch of a futures product could push Ethereum above $2,000. Grayscale’s recent victory against the SEC also indicates how the crypto market, including Ethereum, could react to major milestones in the industry.
Discrepancies in Grayscale’s Holdings
There are some inconsistencies between Arkham’s report and Grayscale’s publicly reported balances. While Arkham lists Grayscale’s Bitcoin holdings at $92.5 million, Grayscale’s website states that they have nearly $16 billion in assets under management for their Bitcoin Trust. These discrepancies raise questions about the accuracy of Arkham’s findings.
Grayscale’s ETF Applications
Grayscale has filed applications with the US Securities and Exchange Commission for both a Grayscale Ethereum Futures ETF and a Spot Bitcoin ETF. The approval of these applications, along with others in the pipeline, could have a significant impact on Ethereum and the overall crypto market.
Hot Take
Grayscale’s significant holdings of Ethereum and their plans to launch an Ethereum futures ETF position them as a key player in the crypto market. The approval of their ETF applications could drive up the price of Ethereum and bring increased attention to the industry as a whole. However, the discrepancies in Grayscale’s reported holdings raise questions about the accuracy of Arkham’s findings and highlight the need for further investigation.
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