Grayscale Purchases over 100k ETH
High net-worth investors are doubling down their investment in Ethereum, scooping more as the coin retraces from 2020 highs. Suggesting demand for investors willing to buy ETH at a huge premium (over 120 percent), Grayscale said they recently purchased over 100k of ETH last week.
Ethereum remains one of the most potent projects in the crypto space. It is outperforming Bitcoin and like BTC, investors are also training their eyes on Ethereum, ramping up purchase albeit at a high premium. Grayscale is one of the leading crypto funds in the world with a wide client base, especially in the United States. With over 100k ETH purchased, each of which will be locked up for another one year on top of staking where over one million ETH coins have been locked up for possibly another 18 months not forgetting the possible activation of EIP-1559 that introduces a BASE FEE, the rate of ETH coins being taken out of circulation is bullish for retail investors.
Impact on the ETH Price:
Bullish. The extraction and locking of ETH coins only increase demand for the utility token. If market forces dictate prices, bulls appear to have an edge and may print higher.
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