Ethereum Flies High as Institutions Take Notice After Shapella Upgrade

  • Ethereum Upgrade – The Shapella upgrade has allowed for staked Ethereum units to be available for withdrawal, sparking the interest of institutional investors.
  • Bitcoin Struggling – Bitcoin’s recent rise to a ten-month high of $30K followed by a dip into the high $20K range has led traders to become disinterested in it.
  • Institutional Interest in Ethereum Growing – With bitcoin activity going down, there is more attention towards Ethereum with it being noted in a report by K33 research head Bendik Schei.

Shapella Upgrade

Ever since the Shapella upgrade, it appears more institutions are interested in Ethereum. This upgrade has allowed for staked Ethereum units to be available for withdrawal, stirring the interest from institutional investors.

Bitcoin Struggles

The world’s number one digital currency by market cap recently rose to a ten-month high of about $30K, though it failed to retain this position and eventually dipped into the high $20K range. This has led traders to become disinterested in bitcoin which has only paved the way for more institutional attention towards Ethereum.

Institutional Interest In Ethereum Grows

Reports from Ali Martinez – a bitcoin and crypto analyst – and K33 research head Bendik Schei have noted increased attention towards Ethereum as an asset due to its distance from Bitcoin’s struggles.

Reserve Risk Reading Positive

Despite the decline in Bitcoin, bulls do not seem to have given up just yet as bitcoin futures market’s funding rate still reads positive which could limit the upper potential for Bitcoin and worsen its short-term drawdown.

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