We can see from Arcane Research’s report, Grayscale definitely didn’t was excessive at all, when they said, there are more and more ETH-only investors. Since January 2020, the Grayscale Ethereum Trust growth six-times, from 500k ether to almost 3 million in custody.
Some critics say, those coming institutional investors exist only in the dreams and hopes of the lunatic part of the crypto-community. The few real buyers get way more attention, as necessary. This may true. But the Grayscale targeting the institutions, the big players, not the retail investors. Their ETH-balance growing so fast, the money has to come from somewhere. So there has to be the actual clientele, who purchasing quietly but continuously.