Arkham Intelligence, a prominent player in the crypto data analysis space, has unveiled a groundbreaking discovery. Through meticulous scrutiny and cross-referencing, the crypto data platform has traced more than 500 wallet addresses connected to the Grayscale Ethereum (ETH) Trust.
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Grayscale Becomes the Second Largest ETH Entity
As announced in a Tweet, the wallets did not hold more than $30 million in assets, thereby making the identification process extremely difficult. However, the achievement was made possible by scrutinizing transaction activity and aligning it with Grayscale’s publicly disclosed holdings. Meanwhile, this revelation holds significant implications for both cryptocurrency enthusiasts and institutional investors.
Grayscale Ethereum Trust, managed by Grayscale Investments, is amongst the most trusted and popular channels for gaining exposure to Ethereum, one of the leading cryptocurrencies. Understanding the network of wallet addresses associated with it can offer profound insights into the broader crypto ecosystem. In practical terms, this discovery could enable a deeper understanding of the Ethereum ecosystem dynamics.
It also sheds light on the investors, both retail and institutional, who are actively participating in the Grayscale Ethereum Trust. Furthermore, it underscores the importance of transparency and accountability within the cryptocurrency sector. Overall, Grayscale holds $5 billion ETH, and this achievement, according to Arkham, makes it the second-largest ETH entity worldwide.
Grayscale Wins Over Bitcoin ETF Approval
Recall that Grayscale Investments has won a crucial court battle against the Securities and Exchange Commission (SEC) over its application for a spot Bitcoin (BTC) exchange-traded fund (ETF). The court’s decision States that the SEC failed to give an adequate basis for its disparate handling of similar financial products.
As a result, the court accepted Grayscale’s appeal and annulled the ruling, granting the corporation a huge success in its pursuit of a Bitcoin ETF.
Grayscale ETH Trust Plunges Almost 60%
Earlier in the year, Grayscale Ethereum Trust traded at almost a 60% discount in comparison to the actual price of ETH. This happened as a result of the constant disagreement the SEC had with Grayscale over the rejection of its application to convert the Grayscale Bitcoin Trust (GBTC) to a full-fledged ETF product.
In addition to this, the company’s shares fell and reached a 93% plunge from their all-time high value in June 2019.
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