Grayscale company from the United States (US) said that the demand for crypto assets Ether (ETH) increased sharply during the 3rd quarter of 2020. Ready to aim for US $ 700 per ETH?
“There is clearly a strong demand for Ethereum (ETH) Shares products. In our 3rd quarter 2020 investment report, there is the largest investment into the Grayscale Ethereum Trust, with an inflow of more than US $ 202 million, "said Grayscale on Twitter, today, Sunday (20/12/2020).
Grayscale continues to accumulate ETH crypto assets to accommodate the demand for “Ether Shares” on their product. "Ether Shares" are the same as "Bitcoin Shares" in their GBTC product, where investors can buy the value of the crypto asset without directly buying the original asset.
The crypto asset share price is determined based on the unit share price at a certain price.
Grayscale's current ownership value is several points below US $ 2 billion. According to Bybit.com, the total ETH assets under management in Grayscale are worth US $ 1.94 billion. This corresponds to 2.94 million ETH in the Grayscale vault with 344,391 ETH of this amount accumulated in the past month.
With respect to the Grayscale Ethereum Trust (ETHE) value, each share will now represent 0.01031643 ETH compared to the previous amount of 0.09284789 ETH, after going through the split mechanism. With the split, each share is worth US $ 6,777 using an Ether price of around US $ 657.
However, the Grayscale Ethereum Trust closed on Friday with a share price of US $ 20.15 which is almost 3 times the value of the ETH it refers to.
Meanwhile, ETH on the spot market is confidently trading above the US $ 620-650 support area. When this article was written, ETH jumped slightly in the last 24 hours to around US $ 655.
Tonight is the decision for the world's 2nd largest crypto asset to aim for US $ 700 per ETH. On May 5 2018, ETH peaked in the range of US $ 816.
