Key Takeaways:
Bitwise Asset Management is a San Francisco-based crypto asset manager that has acquired Attestant, a firm that is focused on non-custodial Ethereum staking services. Attestant will work in collaboration with Bitwise in its journey of managing different crypto index funds.
The acquisition is part of the expansion plan beyond its core business within the crypto space. Attestant handles $3.7 billion in assets for institutions outside the US planning to engage in Ethereum staking. One in five Bitwise clients is ready to stake their crypto to earn the benefits of staking. The company also expects that more users will be interested in staking soon.
Bitwise Asset Management acquired Attestant as a plan to launch new ETF services for various cryptocurrencies. As per the reports, the terms and conditions of the transactions are not currently revealed. Eleven employees from Attestant will be joining Bitwise as a part of the acquisition.
Impact of Acquisition on the Ethereum Market
The Ethereum network has emerged as a vibrant web3 ecosystem supported by mainstream institutional investors. The Ethereum network has become a major player in real-world asset tokenization. This acquisition will impact the long-term prospects of the Ethereum network. There is an additional threat by Solana to bypass the Ethereum network and become a leader in web3 space and smart contract development. There will be a significant impact on the price of Ethereum from the ongoing mainstream adoption by institutional investors. Moreover, the crypto cash rotation is about to benefit the Altcoin market after the bullish outlook led by the Bitcoin lead industry for the past two years.
Bitwise Bitcoin ETF is one of the major investment options available to US investors. The total amount of assets under management accounts for about $3.8 billion. The net inflow of spot ETF is about $2.38 billion.
Eth price at the time of reporting has fallen to 6% in the past 24 hours. The highest value in the past 24 hours is $3,444 and The lowest value in the past 24 hours is $3,121.The trading volume has decreased by 10% in the past 24 hours which is an indication of a decline of interest among investors.
The future open interest rate of ETH has increased by 1% in four hours and declined to 4% in 24 hours. The currency value of 5.52 million BTC future OI is $17.46 billion. This is a positive signal as it indicates the upward movement despite the ATH decline
Attestant Acquisition: Future Perspectives
The financial details regarding this deal are yet to be disclosed. This smart move can help Bitwise to expand its portfolio. This acquisition showcases interest of Bitwise towards the growing ETF interest within the crypto space. Ethereum has been subject to price volatility recently. The 24-hour trading volume of Ethereum ranges between $3.121 to $3.444.
According to the previous trading session, Ethereum is down 6%. The foundation of Ethereum is strong. As per the market analysis, staking, ETF growth, and historical patterns can have a significant contribution to the growth of ETH. With the right combination, the value of ETH can reach an all-time high in the coming future. The US election results have extended the portfolio of cryptocurrencies. It can be rightly said that this could have an impact on the price surge of Ethereum as well. Since the victory of Donald Trump, the crypto landscape has been thriving like never before with highly bullish sentiments.
The regulatory developments and shifts in demands will influence the market trajectory of ETH. As per the analysis, this institutional move can have a positive potential impact on Ethereum’s price. Market conditions like interest rates and investor sentiments will play a crucial role in determining the growth of ETH.
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