Grayscale buys $25 million worth of Ethereum after the price drops to $1600.

Grayscale buys $25 million worth of Ethereum after the price drops to $1600.

The world’s largest digital assets manager, Grayscale, purchased nearly $25 million worth of Ethereum in a single day after the price of ETH dropped below $1,600. Ethereum dipped nearly 20% in the last five days. According to the latest data published by crypto analytics firm, Grayscale accumulated a total of 15,521 Ethereum in the last 24 hours in an effort to take advantage of the recent crash in ETH.


Ethereum is trading near $1,600. 

At the time of writing, the world’s second-largest cryptocurrency is trading near $1,600 with a total market cap of $185 billion. The crypto asset manager now holds 3.17 million Ethereum with a total worth of more than $5.1 billion. Grayscale has purchased 238,784 ETH in the last 30 days. The firm reopened its Ethereum Trust in late January 2021 after a temporary hold on new investments in December 2020. The firm has accelerated its efforts to accumulate Ethereum in the last few months. The company recently released a report on ETH and highlighted the potential benefits of Ethereum 2.0. 


Institutional interest in crypto continues to increase.

In addition to Ethereum, the world’s largest asset manager has also accumulated Bitcoin and other cryptocurrencies. The company purchased 137 Bitcoin worth nearly $6.7 million in the last 24 hours. Grayscale has 655,690 BTC under its management with a total worth of approximately $33 billion. The firm also bought 609 Litecoin (LTC) and 268 Bitcoin Cash in a single day. Earlier, the world’s leading electric car maker Tesla also bought $1.5 billion worth of bitcoin and announced its plans to accept cryptocurrency as a payment method.

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