Institutional Investor Activity Soars
In a sign that the big fish are diving into the Ethereum pool, accredited investors are currently shelling out a whopping 220% premium to buy Ether through Grayscale’s Ethereum Trust. Picture this: shares in the Trust are trading at $81.50, representing a mere $25.46 worth of Ether. Now that’s what we call a markup! Just yesterday, the premium hit a staggering 312%. This trust, which boasts $154.5 million in assets, caters to institutional players wanting to dodge the complexities of cryptocurrency regulations and custody issues.
Ether: The Safe Haven We Didn’t See Coming
A revealing study from San Jose State University has raised eyebrows by highlighting Ether’s potential as a safe haven—yes, you read that right! An analysis comparing data from December 2017 to December 2018 found that Ethereum acts as a hedge against both the U.S. stock market and gold. Moreover, it provides a diversifying effect for the US Dollar amidst market fluctuations. While we’ll need more data to confirm its findings, this could be news the crypto community has been eagerly awaiting.
JPMorgan’s Big Play in the Ethereum Ecosystem
In banking news, JPMorgan is in talks to merge its Quorum blockchain division with ConsenSys, founded by Ethereum co-founder Joe Lubin. This merger could be a game-changer. The Quorum blockchain, running on the Ethereum network, powers an Interbank Information Network comprising 365 banks. Analysts are speculating that this merger could lead to a significant boost for Ethereum as JPMorgan dives deeper into the ecosystem.
Ether Hits a Seven-Month High – Let’s Celebrate!
Drumroll, please! Ether has reached a seven-month high, peaking around $274 after seven consecutive weeks of price increases. If it manages to close green for the next week, it will mark a record-breaking series of victories. But hang on—this price surge isn’t just a fluke. Glassnode data reveals a substantial increase in daily gas usage, coupled with a 21.5% rise in active Ethereum addresses and a 13.2% bump in transactions over the past week.
Decentralized Finance Takes Off with Over $1 Billion
The DeFi scene is jubilantly celebrating as funds staked in Decentralized Finance applications have surpassed the historic mark of $1 billion, now standing at $1.15 billion. Interestingly, Ether represents about 70% of that total! Kain Warwick, founder of the DeFi project Synthetix, emphasized that this dramatic growth has allowed folks to grasp Ethereum’s incredible potential. “The understanding has crossed a chasm,” he said, making it crystal clear that Ethereum is where the excitement is at.
