Grayscale Ethereum Trust plunges 50% as institutional investors dump shares
BTC $9291 (-3.6%) • ETH $235 (-3.6%) • XRP $0.18 (-2.6%)
|CryptoSlate||Jun 24|| 1|
In May and early in June, the second flagship fund of Grayscale Investments, the Ethereum Trust, saw a surge in demand.
Shares of the trust (ETHE) traded on OTC markets reached an extremely high value as retail investors piled in. At one point, buyers of the trust were buying exposure to ETH at an implied market capitalization of $230 billion — more than that of BTC.
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The recent growth of the DeFi sector has primarily been driven by the recent launch of Compound, which has seen massive inflows of capital and new users due to the bourgeoning “yield farming” trend.
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