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Interest from institutional investors increases: Ethereum prices near $2,000 and platform upgrade expected
Institutional investor interest in Ethereum has increased significantly over the past two weeks as ETH investment products experience high inflows. The second-largest cryptocurrency has neared $2,000 and was last trading at $1,960, with a market cap of $235 billion. The ETH price rose by 4 percent last week. While Bitcoin continues to lead, Ethereum assets are seeing high inflows. According to data from CoinShares, $2.7 million worth of Ethereum investments were made last week. These inflows could be due to growing institutional interest. The new crypto exchange EDX Markets, launched by industry leaders Charles...
Interest from institutional investors increases: Ethereum prices near $2,000 and platform upgrade expected
Institutional investor interest in Ethereum has increased significantly over the past two weeks as ETH investment products experience high inflows. The second-largest cryptocurrency has neared $2,000 and was last trading at $1,960, with a market cap of $235 billion. The ETH price rose by 4 percent last week.
While Bitcoin continues to lead, Ethereum assets are seeing high inflows. According to data from CoinShares, $2.7 million worth of Ethereum investments were made last week. These inflows could be due to growing institutional interest.
New crypto exchange EDX Markets, backed by industry leaders Charles Schwab, Citadel and Fidelity, has launched Ethereum trading for its users. In addition to Ethereum, Bitcoin, Bitcoin Cash and Litecoin can also be traded. Experts believe that Ethereum may not be classified as a security by the SEC due to this institutional attention.
The cryptocurrency market is currently experiencing rapid growth as inflation declines and the Federal Reserve Bank has halted temporary interest rate hikes. If the central bank does not resume its interest rate hikes, this could lead to further increases in Ethereum and other altcoin prices.
When it comes to Ethereum, an upgrade called “Cancun-Deneb” is coming. This upgrade, expected to be implemented in 4Q23, will introduce a new feature called “Blob-carrying-Transactions.” This feature allows larger blocks of data to be transferred to Ethereum nodes for a limited period of time instead of being permanently hosted on the Layer 1 chain. This is intended to significantly reduce the cost of L1 data and improve the performance of Layer 2 rollups.
According to analysts, L2 sequencers responsible for receiving and organizing transactions will be able to operate more efficiently and profitably with the upcoming upgrade to reduce the load on the main Ethereum blockchain. This could lead to higher profit margins.
Furthermore, whales have already started making bets on Ethereum. Greeks.live data shows that there has been a notable increase in block calls for ETH. In particular, Buy-DEC-2200C/2400C and Sell-DEC-3000C were traded. More than 12,500 sets were traded, with a notional value of over $50 million. Additionally, there has been significant active buying of JUL calls, indicating a buyer-initiated transaction.
Overall, things are looking promising for Ethereum as there is both institutional interest and technical improvements that offer the potential for further growth. It remains to be seen how the market will perform, but experts are optimistic that Ethereum will continue to play an important role in the crypto world.