The Grayscale Ethereum Trust (ETHE) has poured a whopping ~100 million buying Ether (ETH) over the last 24 hours. The digital asset manager bought over 52K ETH taking the total assets under management for ETHE to above $5.5 billion.
Grayscale has been making aggressive ETH purchases throughout this month of February after it resumed accepting new investments in its Ethereum Trust (ETHE). As per data on Bybt, Grayscale has acquired nearly 200K ETH coins just over the last 10 days.
The world’s second-largest cryptocurrency has outclassed all other crypto competitors in attracting institutional money. In the last week, ETH attracted around 80% of the $245 net institutional inflows as per data on CoinShares. Also, the total number of ETH whale addresses over the last 3 months has surged significantly now reaching its 19-month high.
Ethereum Price Prediction: ETH Set to Move Past $2000
At press time, Ethereum is trading at $1758 levels with a market cap of $201 billion. Analysts expect the world’s second-largest cryptocurrency to surge further from the current levels and move past $2000 in a short time. There are multiple to support the Ethereum price rally.
- Ethereum (ETH) supply at exchanges has been falling sharply as a lot of ETH coins are either moving to cold storage or for staking at Ethereum 2.0.
- On the other hand, demand is surging as institutional buying is ticking up fast.
- The total number of ETH coins staked at Ethereum 2.0 has recently crossed 3 million in a short span of just two months.
- The demand for CME Ether Futures has spiked as 388 contracts were traded with volumes of ~$34 million on the first day of futures going live.
- The crypto DeFi market has registered explosive growth and with Ethereum hosting a majority of the DeFi tokens, the network activity has spiked up in recent times.
As per technical charts, as CoinGape reported, the Ethereum Moving Average Convergence Divergence (MACD) reinforces the bullish outlook. Once ETH crosses $2000 levels, it can further head ahead to $3000.
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Source: Grayscale Buys Another 50,000 Ethereum as ETH Eyes for 00 Amid Rising Whale Addresses