Grayscale’s Ethereum Holdings Value Jumps Massively In 6 Weeks

While Grayscale’s Ethereum trust holdings remain at 3.2m, its value is now over $13B, following a massive jump in the price of $ETH by over 105% in the last one and a half months. The top asset management firm also announced that digital assets under its management are now worth about $48B as of Friday.

Grayscale Ethereum Holdings Are The Second-Largest 

Grayscale Ethereum holdings are its second-largest behind its Grayscale bitcoin trust. However, Grayscale also has trust holdings of other digital assets such as Litecoin, bitcoin cash, and Ethereum classic. At the beginning of this year, Grayscale’s crypto AUM was worth about $21B, 

But the New York-based firm increased its holdings during the year’s first quarter. Hence, its AUM as of April this year was worth over $50B. But this figure dropped below $29B during the May -July crypto price correction. However, the company’s crypto investment is now increasing in value following the rise in the value of digital assets.

Ethereum’s Growing Value

One reason for the rise in ETH is that more investors are willing to invest in Ethereum over bitcoin. New evidence by a top crypto exchange revealed that about 77% of crypto Singaporean investors are Ethereum holders. 

Also, the survey further revealed that institutional investments in Ethereum-related products late last month alone were worth about $18m. It was during this period that the value of Grayscale’s ETH holdings shot up in value. It was only at about $11B as of the middle of last month.

ETH 2.0 Contract Now Worth More Than $29B

While ETH started as a PoW blockchain, its recent upgrade meant it would soon be switched to a proof of stake blockchain. ETH 2.0 started rising fast when Ethereum’s CEO announced the addition of about $1.5m worth of ETH to the zero-phase smart contract. One reason for the continued rise in value is that only those who can deposit 32 ETH into ETH 2.0 can become validators. 

As of two months ago, it has risen to over 6 million. But today, Etherscan metrics reveal that there are over 7m ETH 2.0 contract deposits valued at almost $30m. While the ETH 2.0 is the largest wallet among Ethereum’s wallets, wrapped Ether wallets comes a distant second. It contains 6.95m ETH.

Some of these wallets (whether wrapped Ether or ETH 2.0) are owned by top Ether billionaires such as Huobi and Gemini. ETH 2.0 smart contract wallets hold about 6.4% of the total Ether supply in circulation.

Most ETH 2.0 Money Is Staked In Popular Staking Pools

Various metrics reveal that at least 1.35m Ether is staked in different liquid staking pools, with the amount staked in the lido being the highest. A dune analytics data reveal that the value of ETH staked in the Lido liquidity pool is about $5.4B.

But the total amount of ETH staked in all pools is 7.5m, and after the recent upgrade, 216,231 ETH are burnt already. Based on today’s rate, almost $730m worth of ETH have been burned.

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