Grayscale, one of the largest digital asset managers, recently released an update on the total value of its cryptocurrency assets under management (AUM). The New York-based company now has over 3 million Ethereum worth more than $10 billion.
According to Grayscale’s most recent data, the total value of its cryptocurrency AUM (including Ethereum assets) reached $41.4 billion on 13 August 2021, up nearly 25% from $33 billion on 28 July 2021. This year, the company began with approximately $20 billion in digital assets under management.
Grayscale has significantly accelerated the accumulation of Ethereum since the beginning of 2021. The US firm added nearly 20,000 ETH to its Ethereum holdings during the first week of March. Grayscale is one of the most significant institutional ETH holders.
Grayscale’s largest holding remained Bitcoin. The company now has more than 640,000 BTC worth nearly $30 billion. Aside from Bitcoin and Ethereum, the asset management firm owns over $700 million in Ethereum Classic (ETC) and approximately $300 million in Litecoin (LTC).
The Network Activity of Ethereum
Since the beginning of August 2021, Ethereum’s overall network activity has increased rapidly. According to the most recent data from crypto analytics platform Glassnode, the ETH balance on major digital exchanges has dropped to its lowest level in two years. One of the main reasons for the recent increase is that prominent Ethereum whale accounts are transferring the world’s second-largest cryptocurrency from crypto exchanges to unknown digital wallets.
“Ethereum whale addresses continue to accumulate as prices rise above $3,100. Three years ago, addresses with $10,000 or more in ETH controlled 35.8 percent of the market. They now own 43.7 percent of the total supply of the number two market cap asset. In a recent report, Glassnode stated that there are 1,338 of such addresses.
With a market cap of more than $380 billion, ETH is currently trading near $3,300. Ethereum’s total crypto market dominance is estimated to be around 19%.