For the first time ever, institutional investors are favoring Grayscale’s Ethereum Trust ETHE over the firm’s Bitcoin Trust GBTC, according to a new study.
“Grayscale’s Ethereum Trust (ETHE) was the most traded digital asset product in September – with average daily volumes increasing 29.0% to $250 million (42.4% market share) – dethroning Grayscale’s Bitcoin Trust (GBTC) for the first time ever,” the report indicates. “Ethereum-based products reached their highest market share of AUM (total assets under management) at 25.9% – movement that suggests investors are seeking alternatives to Bitcoin for cryptocurrency exposure.”
The report adds that “Bitcoin AUM fell 7.8% in September to $35.1bn – its lowest share since April (67.9% of current total AUM).”
Why It Matters: The Grayscale Bitcoin Trust holds 654,600 Bitcoin BTC/USD, or 46% of the 1.4 million Bitcoin held by publicly traded companies, according to Bitcointreasuries.org.
In September, Grayscale announced that Ethereum ETH/USD now represents the second-largest asset holding in the company’s portfolio, and following the summer price dip there is now 3,000,000 Ethereum in Grayscale’s custody. The company also revealed it had reached a whopping $47 billion in digital assets under management.
Also Important: On October 1, Grayscale added the Solana SOL/USD token and the decentralized finance token Uniswap UNI/USD to its large-cap crypto fund GDLC for the first time. SOL is now the fourth-largest holding of a fund dominated by bitcoin.
Related Link: BEST BITCOIN TRUSTS TO INVEST IN