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On February 18, 2021, Ethereum hit a new all-time high price above $1,900 as the asset’s rally continued. The new on-chain data now points to some of the underlying factors that might be propelling Ethereum’s current rise. 

With the new record high price, data shows that institutions have possibly bought Ethereum through over-the-counter (OTC).

The data provided by Ki-Young Ju, CEO of on-chain analytics service CryptoQuant, indicates that there were three massive Ethereum withdrawals from Coinbase cold wallets towards the end of last year. The outflow amounted to about 198,862 ETH (or $381.6 million as of writing), all through OTC deals. 

If the outflow triggers a new significant price movement, Ki notes that it is worth setting an alert for the $30,000 mark. 

(Read more)

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