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

Along with Bitcoin (BTC), the world’s second-largest cryptocurrency Ethereum (ETH) is on a roll! Ethereum (ETH) has spiked 8% today hitting its 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 price rally comes amid continuous institutional purchases by Grayscale along with its on-chain metrics hitting new highs. As it turns out, the Grayscale Ethereum Trust (ETHE) has purchased 20,000 additional ETH coins on Wednesday, February 17, as per data on Bybt.

Since reopening its Ethereum Trust earlier this month, Grayscale has been making aggressive ETH purchases. So far in February 2021, the Grayscale Ethereum Trust (ETHE) has added 215,222 ETH coins to its Trust with a net aggregated investment value of $338 million.

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

Another indicator of solid institutional participation is the strong response seen by the CME Ether Futures. On Tuesday, February 16, the daily trading volume of CME Ether Futures hit ~$75 million. On the other hand, the data from Glassnode shows that the open interest has shot to $62 million.

Solid On-Chain Metrics for Ethereum Support The Rally

Well as Ethereum (ETH) surges to its new all-time high of $1900, the total number of whale addresses holding over 10,000 ETH coins continues to surge further. As per on-chain data provider Santiment, these whale addresses have topped 1200 on February 14.

Also, with the crypto DeFi booming to its all-time highs, there’s a sustained amount of activity of ETH addresses interacting with each other. The number of active addresses on Ethereum has hit a new all-time high breaking past its previous three months average.

Also, as the demand surges further the ETH supply at the exchanges is dropping simultaneously. A large number of ETH coins have been moved to the Ethereum 2.0 deposit contracts over the last few months.

Ethereum has now set its journey looking to break $2000 ahead.

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