Grayscale Ethereum Trust (ETHE) has purchased approximately $ 100 million worth of Ethereum (ETH) in the last 24 hours.
The digital asset manager has purchased 52,000 ETH for ETHE, increasing the value of total assets under management to over $ 5.5 billion.
Grayscale has been making aggressive ETH purchases at the Ethereum Trust (ETHE) since the beginning of February. According to data on Bybt, Grayscale has acquired approximately 200,000 ETH coins in the last 10 days. The world’s second largest cryptocurrency outperformed all other crypto rivals in corporate withdrawal. Last week, ETH pulled around 80% of net corporate inflows of $ 245, according to data on CoinShares. Also, the total number of ETH whale addresses has increased significantly in the last 3 months, reaching a 19-month high.
At the time of writing, Ethereum is trading at $ 1,758 with a market value of $ 201 billion. Analysts expect the world’s second largest cryptocurrency to rise further from current levels and soon surpass $ 2,000. There are numerous arguments supporting the Ethereum price rally.
First, the supply of Ethereum (ETH) in exchanges is falling rapidly with the transition of many ETH coins to cold wallets and the staking process in Ethereum 2.0. On the other hand, while corporate purchasing is increasing rapidly, demand is also increasing. The total number of ETH coins staked in Ethereum 2.0 recently exceeded 3 million in just two months. In addition, the demand for CME Ether Futures spiked with 388 contracts being traded with volumes of approximately $ 34 million on the first day the futures were released. Also, the crypto DeFi market has grown tremendously, and network activity has recently increased as Ethereum holds most of the DeFi tokens.
All these developments support the rise of Ethereum. At the technical analysis point, Kamile Uray, an analyst at Vuca Borsa Company, made the following assessment on Twitter:
“As long as black keeps its trend, it is in an upward trend and the break of 1712, which is the red line, can lead the black trend. Exceeding the last peak brings new highs. If it is exceeded, there are resistance in 1.927-2.071-2.229 and we follow it with 1.712 stops. “