What Happened: A new report from CryptoCompare finds more daily trading volumes in September for Grayscale’s Ethereum Trust than its Bitcoin Trust.
“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 (CRYPTO: BTC), or 46% of the 1.4 million Bitcoin held by publicly traded companies, according to Bitcointreasuries.org.
In September, Grayscale announced that Ethereum (CRYPTO: ETH) 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 (CRYPTO: SOL) token and the decentralized finance token Uniswap (CRYPTO: UNI) to its large-cap crypto fund (OTC: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