Institutions Start Taking Interest In Ethereum Now After Bitcoin
It has been observed in the past couple of weeks that many whales and institutional investors seem to be more interested in buying and trading Ethereum (ETH) than other cryptocurrencies. It is being said and observed that due to the highly volatile nature shown by Bitcoin (BTC), many whales, retail and institutional investors seem to be more interested in investing and trading Ethereum assets which have ultimately increased its demands in the market as compared to Bitcoin and many other cryptocurrencies.
Highly Recorded Institutional Demand of Ethereum (ETH)
Over the last couple of years, many developers and investors drew away their interest in Ethereum due to its scalability issues. However, hard fork London reserved and kept showing attention toward Ethereum. Moreover, side by side, the memes trending in the market, calling Ethereum ultra-sound money, sought the attention of the institutional investors as Ethereum’s price showed bullish behaviour after facing a hard time.
After the launch of American Global Company named CME, the daily volume and open interest of Ether futures have been showing steady bullish behaviour since the 8th of February. Data received from the leading analytical crypto platform depicts that overall contracts of the global leading monetary derivatives exchange rest at $357 million while the accumulative trading volume reached up to $680 million by the 22nd of April 2021.
Moreover, Arcane research shows that the surge in the demand of Ethereum holdings is somehow related to the hard fork London and in Canada, Ethereum-based monetary project has been already launched, which is the catalytic cause of the rising demand of Ethereum Holdings and giving tough competition to Bitcoin (BTC).
In the last couple of weeks, Ethereum (ETH) has shown a spike of 5.22%. It is important to note that by then, almost more than 55 whales have joined the network and started purchasing Ethereum (ETH) in a higher ratio as compared to other crypto assets. This rising demand has sought the attention of institutional investors as well, and by following the trend, it is on record that crypto whales are now holding approximately worth $27million in Ethereum (ETH) only and this sudden surge in the purchase is substantial.
Ethereum (ETH) and Bitcoin (BTC)
The rise in ETH purchasing has set a new all-time high record and has secured a significant position by achieving the ATH of $2,740. It is expected that if BTC keeps on tumbling and ETH keeps on climbing, more institutions will start turning their attention by means of investing and trading Ethereum and few other altcoins, which will result in the further rise of the worth of Ethereum Holdings.