The ETH price has rallied following the launch of CME Ethereum futures contracts yesterday, rising over 9% in the last 24 hours and is currently trading slightly under its new all-time high of $1780. Will the Ether price keep rising?
A new report from CoinShares indicates that institutions were aggressively accumulating ETH in the lead up to the launch of Chicago Mercantile Exchange (CME) Ethereum futures contracts on Feb. 8.
Ethereum price rallied after the GME contracts launched, posting a new all-time high of $1,780 on Feb. 9.—which came to the surprise of many who had expected Ether to plunge in a similar fashion to BTC after the launch of CME’s Bitcoin futures in 2017.
Crypto asset manager CoinShares has reported that of the $245 million in institutional investment into cryptocurrency that took place last week, 80% of it went into Ethereum in one form or another—around $195 million.
In addition, Grayscale’s Ethereum Trust has been growing in terms of the total…