Bitwise Acquires Ethereum Staking Service Attestant, What’s Next for ETH Price?

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As an analyst with over two decades of experience in the financial markets, I have witnessed the evolution of technology and finance intersecting in ways that were once unimaginable. The latest move by Bitwise Asset Management to acquire Attestant, an Ethereum staking service, is a testament to this convergence and signals a new phase in the maturation of the cryptocurrency space.

Bitwise Asset Management, a company that specializes in issuing crypto exchange-traded funds (ETFs), announced on Wednesday that it has purchased Attestant, an Ethereum staking service. This action is part of the company’s strategy to grow beyond its primary businesses, as it prepares for multiple cryptocurrency ETF launches, according to sources close to the situation. Could the price of Ethereum reach a fresh record high during this bull run?

Bitwise Deepens Crypto Push With Attestant’s Acquisition

Bitwise Asset Management, a leading crypto fund manager, recently acquired Attestant, an Ethereum staking service. This move is part of their strategy to introduce new ETFs for various cryptocurrencies. The specific details of the cash and stock deal were not revealed, according to Bloomberg’s report on November 13.

In the heart of London, the company known as Attestant oversees approximately $3.7 billion worth of assets for clients aiming to delve into and generate returns through Ethereum staking. This role also includes their significant contribution to the verification of transactions within the Ethereum blockchain system.

Under the terms of the acquisition, 11 employees from Attestant are set to become part of the Bitwise team. This move boosts Bitwise’s management of client assets, now exceeding a staggering $10 billion. Interestingly, one out of every five Bitwise clients expresses interest in staking their cryptocurrency to generate returns through staking. The company predicts that the majority of its clients will opt for investing with staking in the coming years.

Bitwise Chief Executive Officer Hunter Horsley in an interview said:

In this next phase, it’s crucial that we grow to a significant size and expand our range of services to best serve our clients effectively.

Based on Staking Rewards’ findings, Ethereum staking currently yields around 3.78% returns. Notably, approximately one-third of all Ethereum, valued at around $112 billion, is already being staked. At the time this statement was written, there are roughly 34,566,523 ETH being staked on the Beacon Chain, as reported by beaconcha.in.

ETH Price Rallies Amid Rise in ETF Adoption and Open Interests

The Bitwise Bitcoin ETF (BITB) ranks as the sixth largest among the twelve options accessible to American investors, managing approximately $3.8 billion in assets. Additionally, this type of Bitcoin ETF has experienced a net investment influx of roughly $2.38 billion.

Currently, the Bitwise Ethereum ETF (ETHW) manages an asset portfolio worth approximately $360.58 million. Over this period, the ETHW has experienced a net increase of about $360.4 million. Specifically, on Tuesday, it attracted an inflow of around $17 million.

Today, the price of ETH saw a drop of 6%, following its recent surge, currently standing at approximately $3,163. The lowest and highest points within the past 24 hours were $3,121 and $3,444 respectively. Additionally, the trading volume has dipped by about 10% over the same period, suggesting a decrease in trader engagement.

In just the past 4 hours, the total expected value of ETH futures contracts has increased by 1%, while it dropped by 4% over the last 24 hours. Currently, the combined open interest in BTC futures stands at approximately 5.52 million contracts, equating to a worth of around $17.46 billion. This suggests that market participants still anticipate an upward trend for Bitcoin, even though it has dipped from its all-time high.

According to research by CoinGape, the trends, past behavior, and clues from large-scale investors suggest that the value of Ethereum could reach a fresh record high.

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2024-11-13 11:58