The Grayscale Ethereum Trust has reportedly purchased 48.4 percent of all the ETH that has been mined so far in 2020, according to a report that was published by New York-based Grayscale Investments on March 20, 2020.
According to figures shared by Redditor “nootropicat,” Grayscale institutional buyers have purchased close to half of the ETH added to the cryptocurrency’s total supply since the start of 2020.
The actual calculation provided by the Redditor shows that about 1.56 million ETH has been mined between December 31, 2019, and April 24, 2020. Meanwhile, during the same period, Grayscale issued 8,025,200 shares which correspond to about 756,000 ETH at 0.094 ETH per share.
Grayscale’s investment products provide indirect exposure to cryptocurrencies. Its latest report shows that the asset manager enjoyed the largest quarterly influx of inflows across all its products since it launched in 2018. In total, it raised $503.7 million this quarter, half the total amount ($1.07 billion) for the last 12 month period.
Grayscale’s Bitcoin Trust accounts for the bulk of this amount, with an inflow of $388.9 million. But most impressive is the surge in popularity for the Ethereum Trust, which saw a record $110M in quarterly inflows. The trust’s combined inflows for the past two years amount to $95.8 million, as Spencer Noon, head of crypto investments at DTC Capital, pointed out in a tweet.
ETH up More than 50 Percent in 2020
As part of the report, Grayscale revealed an average weekly investment of $8.5 million in its Ethereum Trust. For the firm’s Bitcoin Trust, the average weekly investment figure stands at close to $30 million. Earlier in the year, the Grayscale Bitcoin Trust (GBTC) obtained approval from the U.S. Securities and Exchange Commission (SEC) to function as a reporting company.
In the spot market, ETH — the second-ranked crypto by market capitalization — is up by more than 50 percent since the start of the year. The Ether price-performance takes on even greater significance given that Bitcoin’s (BTC) 2020 growth only stands at 8 percent.
Most of Bitcoin’s low 2020 performance comes from struggling to recover from the “Black Thursday” crash of March 12, 2020, when BTC fell to $3,800. The top-ranked cryptocurrency has so far recovered from the decline, even managing to overcome the $7,500 resistance level after more than half a dozen attempts.