August 17, 2022

Ethereum (ETH) Tops New ATH of $1900 As Grayscale Buys Additional 20K ETH Coins

3 min read

Along with Bitcoin (BTC), the world’s second-largest cryptocurrency Ethereum (ETH )is on a roll! Ethereum (ETH )has actually spiked 8 % today striking its brand-new all-time high of$1906. At press time, ETH is trading at a price of $1901 with a market cap of $216 billion.

The ETH cost rally comes amid constant institutional purchases by Grayscale together with its on-chain metrics hitting brand-new highs. As it ends up, the Grayscale Ethereum Trust (ETHE) has acquired 20,000 additional ETH coins on Wednesday, February 17, as per information on Bybt.

Since resuming its Ethereum Trust earlier this month, Grayscale has been making aggressive ETH purchases. Up until now in February 2021, the Grayscale Ethereum Trust (ETHE) has actually added 215,222 ETH coins to its Trust with a net aggregated financial investment worth of $338 million.

With the current purchases, Grayscale net assets under management (AUM) combining all trusts have actually struck the milestone of $40 billion. While the AUM for the Grayscale Ethereum Trust (ETHE) has surged past $5.6 billion.

Another indication of solid institutional participation is the strong reaction seen by the CME Ether Futures. On Tuesday, February 16, the day-to-day trading volume of CME Ether Futures struck ~$75 million. On the other hand, the information from Glassnode shows that the open interest has shot to $62 million.