HomeNewscoinquora.comInstitutions Bought Over 195,000 ETH Last Week

Institutions Bought Over 195,000 ETH Last Week

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  • Institutional investors bought over 195,000 in Ether last week.
  • Grayscale Ethereum Trust alone bought over 50,000 ETH in 24 hours.
  • Chicago Mercantile Exchange (CME) also successfully launched ETH futures.

ETH accounted for $195M out of $245M in investment inflows last week. This is about 80% of the total inflow. Grayscale’s ETH Trust alone purchased 52,730 ETH, worth more than $93M, in less than 24 hours. Also, the purchase pushed the Grayscale ETH stash up to 3.13 million.

The Crypto market had a good week, with a few cryptos setting new all-time highs. Ethereum’s Ether was no exception as it passed the $1800 mark and keeps striding towards $2000. The rise in institutional interest has partly helped push the ETH bullish trend.

Grayscale also recently published a report on how it values Ether. The article by Research Director Phil Bonello outlines the Ether value proposition. According to Bonello, about 93% of the ETH Trust investors are institutional.

“If you look at active addresses that are used on Ethereum, those are approaching all-time highs, and if you look at the number of addresses with at least 10,000 ETH in them, what I would consider very wealthy addresses, those continue to go up, which is a signal of institutional adoption,” says Bonello.

Also, CME launched futures trading on the 8th of February. Institutional investors can gain ETH exposure via the new derivative. CME reports that over 427 contracts have been traded to date. With over 500 open interest positions.

On CoinGecko, ETH currently has an ROI of 4 933% and market dominance of 13.72%. This makes ETH the second-highest ranked crypto after Bitcoin.

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